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Who has responsibility for 1099 reporting in an FBO situation
October 19, 2022
Q. Our company provides services and management for commercial properties. My question is regarding 1099 reporting. For the entities that have one bank account setup and our company holds the ownership of the bank, under what EIN should we report the 1099s? Should we report it under our company's EIN rather than the property owner entity EIN?
A.
(Answered by IOFM's third-party tax experts)
Can you please explain what you mean by this phrase, it would be helpful:
"For the entities that have one…
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