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Understanding LLC Tax Status and Reporting Obligations
March 27, 2024
Q. The company I work for rented a campsite for a retreat. Should we issue a 1099 to the owner of the campsite? The company that owns the campsite is a Limited Liability Company.
A.
Answered by IOFM's third-party tax experts.
You should confirm the LLC’s status at line 3a on the W9 in order to determine whether a 1099 should be issued to the owner of the campsite for this payment. If the LLC has elected corporate tax status by filing a Form 2553 or Form 8832 then it will put a C or an S to…
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