How are Different LLC Tax Classifications Reported on the Forms 1099?
Question
When an LLC completes a W-9 form, they are required to enter a tax classification (D=Disregarded Entitiy, C=corporation, P=partership). How are these different tax classifications currently reported on 1099's?
Answer
First, and in honing in on the word "currently" in your question note that...
for TY2010 and in regards to 1099 filing, there is no reporting to corporations but for those corporations who are medical or legal service providers (it is not until next year's reporting season that, under current law, you will report to all corporations).