End of January to File 1099 Forms for US LLC

[MarkusCostigan]

Hi guys, by the end of January, 1099 forms (for various transactions with contractors/other LLCs) over $600 should be filled out. If a non-resident LLC was created in 2024 (Q4) without making any type of transaction, should a blank 1099 form be filled out anyway? Or should nothing be done?

Thanks.

 

[daniels27]

Aren't 1099 forms normally sent to the other party (and a copy to the IRS)? And they then file it? Like a bank send me a 1099 INT for interest they paid me. I then file this with IRS.

I think as you don't have anything with anybody, you cannot fill out anything and even if, which 1099 and whom to send to (only a copy goes to IRS).

https://www.google.com/amp/s/turbot...-forms/what-is-an-irs-1099-form/amp/L3NxSPMUe

 

[Xshore]

I think you should file if you hired a US contractor and paid for services performed in the US. Not required if you paid another NRA (non US source income). And no 1099 for sale of goods, it's only for services.

 

[MarkusCostigan]

I think you should file if you hired a US contractor and paid for services performed in the US. Not required if you paid another NRA (non US source income). And no 1099 for sale of goods, it's only for services.

Is it correct that it only applies to services purchased from other LLCs? For example, for services purchased from Corporations, it should not be filled anyway?

 

[daniels27]

Is it correct that it only applies to services purchased from other LLCs? For example, for services purchased from Corporations, it should not be filled anyway?

I recommend reading this one.
https://www.irs.gov/businesses/smal...-file-a-form-1099-or-other-information-return

It seems you still need to file for legal and medical payments:

Not required to file information returns
You are not required to file information return(s) if any of the following situations apply:

• You are not engaged in a trade or business.
• You are engaged in a trade or business and
  • the payment was made to another business that is incorporated, but was not for medical or legal services or
  • the sum of all payments made to the person or unincorporated business is less than $600 in one tax year

 

[daniels27]

I think you should file if you hired a US contractor and paid for services performed in the US. Not required if you paid another NRA (non US source income). And no 1099 for sale of goods, it's only for services.

Unless it was fish. Then you also need to file.

https://www.irs.gov/forms-pubs/about-form-1099-misc

Cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish.