I am being told that all Brokers do not issue 1099 B on Brokerage accounts held by a C Corp. Second I have both a Personal Tax turbo tax account and a business Turbo Tax account I simply asked the question here because that login was handy at the moment. My question is not concerning a personal tax return it is only concerning the business C Corp filing and what to do with gains inside the c corp brokerage account. Here is a direct statement from the online brokerage account website
Tax forms will be automatically generated in your account to help you with your year-end tax preparations. The forms generated will depend on your account activity and whether you have any IRS-reportable transactions that year. You can find these forms by hovering over My Account and clicking Tax Statements under the Statements & History heading.
C-Corporations, retirement plans, broker-dealer accounts, commercial bank and savings & loan accounts, insurance companies, advisory services, charitable organization accounts and institutional accounts are tax-exempt and will not receive tax forms. However, S-Corporations may receive tax forms and C-Corporations can be subject to 1099-MISC reporting and/or a Widely Held Fixed Investment Trust (WHFIT) statement.
Scottrade recommends referring to the monthly statements to gather any needed information for preparing your taxes. At your request, Scottrade can provide you with a year-end summary statement that simulates a 1099, but the information is not sent to the IRS.
