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Investment advisory services
January 30, 2023
Q. Should a 1099 be issued for investment advisory services when the fees are deducted directly from an investment account? The investment advisory firm is a single member LLC.
A.
(Answered by IOFM's third-party tax experts)
Yes. Tax regulations at sec. 1.6041-1(h): "For purposes of a return of information, an amount is deemed to have been paid when it is credited or set apart to a person without any substantial limitation or restriction as to the time or manner of payment or condition upon…
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