I started a business 2 years ago. The business type is "Corporation". It is a S-Corporation which will pass through all the net income to my personal tax filing.
My corporation has money market funds earning interest in a brokerage firm.
For the interest my corporation earned, I expect to receive a Form 1099-INT for tax reporting purposes.
My broker does not produce a 1099-INT because "a Corporation does not need to receive that and we do not report your interest income to IRS."
I verified IRS's website https://www.irs.gov/instructions/i1099int#idm[phone number removed]736
This is what I got in that IRS web page"
"You are not required to file Form 1099-INT for payments made to certain payees including, but not limited to, a corporation ...."
Does my corporation need to pay tax on the interest earned from money market fund? If yes, why IRS says a corporation is not required to file Form 1099-int?
