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Additional verification needed besides a W-9?
October 18, 2022
Q. When a W-9 indicates a tax classification of LLC-C, does that follow the same analysis as a corporation for purposes of issuing a 1099? The LLC-S is like a S-Corporation? Can you rely on what is indicated on the W-9, or do you have to obtain further documentation, such as their Letter of Determination?
A.
(Answered by IOFM's third-party tax experts)
An LLC which has received IRS approval of a Form 2553 election to be treated as a small business corporation (S corp) for tax purposes, or an…
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