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Posted by Timothy J. Trace on January 31, 2007, 5:12 pm
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As a band leader, I pay thousands of dollars in agent
commissions yearly. In previous tax years, I've simply
entered the appropriate amount in the Commissions box on my
Schedule C and moved on. Should I also send a 1099 to each
agent for their respective total commissions?
Best regards,
Tim ==
(substitute 'tcsys.com' for 'nospam.co.uk')
_________________
Visit the Surrender Dorothy web !! (http://dorothyrocks.com)
Visit the Crunch Monkey web !! (http://crunchmonkey.com)
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<< that may be imposed upon the taxpayer. >>
<< >>
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Posted by Shyster1040 on January 31, 2007, 8:39 pm
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Yes. See Code Sec. 6041; Treas. Reg. 1.6041-1.
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<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
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Posted by Paul Thomas, CPA on January 31, 2007, 8:39 pm
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> As a band leader, I pay thousands of dollars in agent
> commissions yearly. In previous tax years, I've simply
> entered the appropriate amount in the Commissions box on my
> Schedule C and moved on. Should I also send a 1099 to each
> agent for their respective total commissions?
Yup. And to anyone else that did not qualify as an employee
who you paid more than $600 to during the year. This could
be recording studios, photographers, artists (thinking of
cover art on the CD's), studio musicians, back-up vocals,
etc.
--
Paul Thomas, CPA
paulthomascpapc@bellsouth.net
Athens, Georgia
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Harlan Lunsford on January 31, 2007, 8:39 pm
Please log in for more thread options Timothy J. Trace wrote:
> As a band leader, I pay thousands of dollars in agent
> commissions yearly. In previous tax years, I've simply
> entered the appropriate amount in the Commissions box on my
> Schedule C and moved on. Should I also send a 1099 to each
> agent for their respective total commissions?
I'm flummoxed by your question, since my impression is that
you are in the UK. Why are you filing a US federal return?
Do you have income over on this side of the pond?
anyway, and if so, a 1099=misc would be in order, yes.
ChEAr$,
Harlan Lunsford, EA n LA
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Timothy J. Trace on February 2, 2007, 1:51 am
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> I'm flummoxed by your question, since my impression is that
> you are in the UK. Why are you filing a US federal return?
> Do you have income over on this side of the pond?
Hey, Harlan - thanks for the advice. Like many others, I
obfuscate my email address to hide from spam bots. Check my
signature again and you'll see what I mean.
Best regards,
Tim ==
(substitute 'tcsys.com' for 'nospam.co.uk')
_________________
Visit the Surrender Dorothy web !! (http://dorothyrocks.com)
Visit the Crunch Monkey web !! (http://crunchmonkey.com)
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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