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Gary Bode, CPA is a Master's Degreed, nation wide accountant offering tax and business services. Member of AICPA and NCACPA. Our virtual office provides excellent service to long distance and international clients. Call (910) 399-2705 for a free phone consult.

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S Corporation CPA warns of new Form 1120-S check boxes | Form 1099-MISC

S Corporation CPA Wilmington NC discusses 2011 Form 1120-S

Gary Bode, CPA: I operate our firm as an S Corporation, so you know I stay current on Form 1120-S issues. For a free phone consult call 399-2705.

Hi, I’m Gary Bode, an S Corporation CPA with a virtual office to serve clients beyond our Wilmington base.

Two new check boxes on the 2011 Form 1120-S:

  • Did you make any payments in 2011 that would require you to file Form(s) 1099?
  • If Yes, did you or will you file all required Forms 1099?

The IRS requires S Corporations to 1099 any subcontractor or non-corporate vendor that it paid $600 or more to during the calendar year. Remember to send a copy to both the subcontractor and the IRS.

I feel this is part of a coordinated IRS effort that includes:

  • VCSP (Voluntary Classification Settlement Program). The IRS is offering low penalties to companies that mis-classify employees as subcontractors, voluntarily come clean, and, promise to be compliant in the future. The obvious reason companies mis-classify employees is to avoid employment and unemployment taxes. But any S Corporation CPA would agree the administrative hassles of payroll is another cause.
  • Trying to stem under the table payments to subcontractors, which is a foolish practice anyway for a company. Why pass on legitimate tax deductions on Form 1120-S?
  • A new and improved penalty structure for unfiled and misfiled Form 1099-MISC.
  • Penalties on Form 1120-S filed with false information.

I’m an S Corporation CPA with a virtual office to serve long distance clients. Our physical office is is Wilmington NC. Please note I operate our firm as an S Corporation, so I keep current on all Form 1120-S issues. There are hundreds of posts on this website, many on S Corporation and Form 1120-S issues. For a free phone consult, please call (910) 399-2705.

2 comments to S Corporation CPA warns of new Form 1120-S check boxes | Form 1099-MISC

  • John Valdes

    Gary, do I need to file a 1099-MISC to the landlord of the business rental unit I had last year?

    • Gary Bode CPA admin

      As a tax preparer, I don’t think it ever hurts to file Form 1099-MISC John, even if it’s not required. Why? I think it validates rent expense. But you don’t have to file it, if your landlord is a Corporation. Hope that helps.

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