Do corporations have to issue 1099s?

By elitecpas | August 29, 2012 | Comments Off on Do corporations have to issue 1099s?

As with most tax questions it depends. Although (as a general rule) corporations are exempt from this requirement, there are some exceptions. See the list below and be sure to E-Mail us if questions. Reportable payments to corporations. The following payments made to corporations generally must be reported on Form 1099-MISC. Medical and health care payments…

Read More

Tax breaks of C Corporations

By elitecpas | November 18, 2011 | Comments Off on Tax breaks of C Corporations

Income splitting. The government taxes the first $50,000 of corporate profits at a lower rate than the individual owners’ tax rates. Therefore, you one should split your C corporation’s income between yourself (or your S Corp) and the C corporation. This allows you to pay taxes on the salary you pay yourself at your individual…

Read More