Possible Non-Resident Alien and Questionable SSN
Foreign person reporting: I recently received a payment request for a individual with a SSN that begins with 99. My recollection is that this means a foreign national. Is this correct? I ran the name and number through the IRS database and it matched. Assuming a foreign national, my research shows I need a form W8BEN and must withhold 30%. But since the person has a valid tax id (ITIN?), is this still true? What else do I need to do? Is the withholding amount still correct?
Stock Sale of Subsidiary to Third Party: What are the Reporting Obligations?
We sold the stock of a subsidiary this year to an unrelated third party. What is our reporting obligation for forms 1099 and 1042 for 2010? Are we required to report from January 1 to the date of sale? It seems that because the EIN of the subsidiary will now belong to the new owner as a result of the stock sale (not an asset sale), that the new owner would be responsible for all 1099 and 1042 filings for the year. If we both file forms for the same company/EIN, won't it create a problem with the IRS? Is this correct or have I missed something?
Form W-9 and Tickets for Resale
Do I need to request for a W9 even if it's just for tickets that we resale. The amount is only $100.00. I cut the check for that amount for the senior trip. These are tickets for resale.
Technically you don't n . . .
Vendor LLC Request for New 1099
We have been asked by a vendor, an LLC, to reissue a 2009 1099-MISC using a different tax identification number. We used the number we received when the vendor account was established, which was the social security number of one of the owners/partners. The account was set up as LLC Name, DBA Owner's Name. During 2009, the LLC changed their tax identification number with the IRS. We were not notified of this change until January 27, 2010. Are we obligated to re-issue the 1099? Should we reissue it or are we correct to stand by the 1099 we originally prepared and sent to the LLC and its owners? The 1099 we issued was listed as Owner's Name, DBA LLC Name.
First, you should request a . . .
Name field discrepancies: LLC vs. Corp
I have a question regarding our Amex charges. The report I get from Amex lists two names. For instance, name field one says ABC LLC and name number two says XYZ. If XYZ is a corp do I need to send a 1099. It is getting really confusing on some of these because they will list the two names on being an LLC and the other being a corp. Thanks
It is highly unlikely an LL . . .