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LLCs filing as C- or S-corporations
April 23, 2024
Q. Do I need to issue 1099s to my vendors that are LLCs but file as C- or S-corps?
A.
(Answered by IOFM's third-party tax experts)
If the LLC has elected corporate tax status by filing a Form 2553 or Form 8832 with the IRS and enters a “C” or an “S” as their tax classification in box 3a of the W-9, then the corporate exemption can be given by your company. Also check box 4 to be sure the LLC puts an exempt payee code “5” on the basis of their “C” or “S” status. You do not need to issue Forms…
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