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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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When my business partner and I found ourselves in a land investment that was abandoned by the developers, we had no reasonable economic choice but to walk away from our mortgage loan.  While we understood that there would likely be tax consequences, the magnitude of our exposure was not fully anticipated.  Thankfully, Mr. Bode was able to work with us to strategize a defensible tax position and mitigate the tax implications of our investment loan abandonment.  I would recommend that anyone facing an investment loss that has tax implications due to debt forgiveness give Gary a call.  It is always best to fully understand the circumstances and the tax rules and related options before paying a hefty bill.  Thanks Gary!

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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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