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1099 reporting of payments made from bank escrow and trust accounts
May 17, 2024
Q. I work for a law firm. We have escrow bank accounts and trust bank accounts that we hold funds in and then when needed, we pay out of these bank accounts. Is this 1099 reportable? If so, how should this be reported?
A.
(Answered by IOFM's third-party tax experts)
If your firm is performing management or oversight functions in connection with a payment from a client trust fund or funds held in escrow, then your firm has the obligation of Form 1099 tax information reporting in regard to…
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