The Short Answer
Most payments to corporations are NOT required to be reported on Form 1099-MISC. Corporations include both S and C corporations as well as limited liability companies (LLCs) that have elected to be taxed as a C or S corporation with the IRS. (This tax classification will be noted on the W-9) However, as with most of the tax code, there are several significant exceptions to this rule. The most significant of these exceptions are medical and healthcare payments, attorneys’ fees, and gross proceeds paid to an attorney.
Medical and healthcare payments – Payments of $600 or more made in the course of your trade or business to each physician or other supplier or provider of medical or health care services that is a corporation is reportable in box 6 of Form 1099-MISC.
Attorneys’ fees – The term “attorney” includes a law firm or other provider of legal services. Attorneys’ fees of $600 or more paid in the course of your trade or business to a corporation are reportable in box 7 of Form 1099-MISC.
Gross proceeds paid to an attorney – A settlement agreement is an example of gross proceeds that would be reportable in box 14 under section 6045(f) when paid to a corporation.
The Long Answer
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