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-   -   1099 and 1096 income reporting (https://www.askmehelpdesk.com/showthread.php?t=316109)

  • Feb 11, 2009, 09:37 AM
    cameron_taylord
    1099 and 1096 income reporting
    I am a business of owner, incorporated as an LLC. My partner and I are in the business of alternative medicines like performing colonics and reselling supplements.

    We, the owners, perform these professional services ourselves and have paid ourselves over $600 each last year. We also allow contract professionals to set up business at our site. We collect the customer's payments and keep a percentage of contractor sales for the business.

    I know that if any of the contract workers made over $600 last year, we need to complete a 1099 and report their income to theIRS.

    But does my partner and I need to complete a 1099 and file a 1096 with information about our income as well?
  • Feb 26, 2009, 02:37 PM
    AtlantaTaxExpert
    Negative. The money you pay yourself is considered SALARY paid to you as employees of the LLC, which, based on your posting, should be reporting as a partnership (Form 1065).

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