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Reporting a surety bond premium
March 6, 2023
Q. Our company paid surety bond gross premium to surety insurance agency and need to know if this payment is 1099 reportable. If so, how to report it?
A.
(Answered by IOFM's third-party tax experts)
The federal tax regulations at sec. 1.6049-4(c)(1)(ii)(A)(1) provide that a payee is an exempt recipient for which no information return is required if the name of the payee contains the term insurance company, indemnity company, reinsurance company, or assurance company.
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