1099s are for W9s that have Individual checked only, yes?

"Additional Details

So 1099s are only for individuals that I've paid $600+ that year; not incorporated/corporated/partnerships/ltd… only individuals?"

No, only Corporations are exempt from receiving a 1099. Partnerships and LLCs MUST be issued a 1099 just like individuals.

And the $600 limit is the point where the issuer is required to issue a 1099. The issuer does not have to wait until this limit is reached. Also, lawyers and law firms are not subject to this limit. The issuer is supposed to issue a 1099 for any payment of $1 or more to any lawyer or law firm.

ALL taxpayers who are given a W-9 are supposed to fill it out. The check box shows the type of entity. Corps are included so the bookkeeper can mark them as exempt.

W-9's are completed by anyone who is requested to do so

there may be individuals, or an individual who has an EIN because he pays employees, a Corp will complete one but indicate as a corp and include the EIN for the corp.

NO not really.

A Guide to Information Returns

http://www.irs.gov/efile/article/0,,id=98114,00.ht...

An information return is a tax document businesses are required to file to report certain business transactions to the Internal Revenue Service (IRS). The requirement to file Information Returns is mandated by the Internal Revenue Service and associated regulations.

Who must file Information Returns?

Any person, including a corporation, partnership, individual, estate, and trust, who make reportable transactions during the calendar year must file information returns to report those transactions to the IRS. Persons required to file Information Returns to the IRS must also furnish statements to the recipients of the income. Filers who have 250 or more must file these returns electronically.

In the below table you can access the link for each Form to find out the specific purpose for the From and the most common payment types reported on each Form. However, it is not a complete list of all payments types and the absence of a payment from the list does not indicate that the payment is not reportable. For information on a specific type of payment, see the separate instructions for the form(s) listed.

Instructions for the Requester of Form W-9 (01/2011)

http://www.irs.gov/instructions/iw9/index.html

How Do I Know When To UseForm W-9?

Use Form W-9 to request the taxpayer identification number (TIN) of a U.S. person (including a resident alien) and to request certain certifications and claims for exemption. (See Purpose of Form on Form W-9.) Withholding agents may require signed Forms W-9 from U.S. exempt recipients to overcome any presumptions of foreign status. For federal purposes, a U.S. person includes but is not limited to:

An individual who is a U.S. citizen or U.S. resident alien,

A partnership, corporation, company, or association created or organized in the United States or under the laws of the United States,

Any estate (other than a foreign estate), or

A domestic trust (as defined in Regulations section 301.7701-7).

A partnership may require a signed Form W-9 from its U.S. partners to overcome any presumptions of foreign status and to avoid withholding on the partner's allocable share of the partnership's effectively connected income. For more information, see Regulations section 1.1446-1.

Advise foreign persons to use the appropriate

Form W-8. See Pub. 515, Withholding of Tax on Nonresident Aliens and Foreign Entities, for more information and a list of the W-8 forms.

Also, a nonresident alien individual may, under certain circumstances, claim treaty benefits on scholarships and fellowship grant income. See Pub. 515 or Pub. 519, U.S. Tax Guide for Aliens, for more information.

Hope that you find the above enclosed information useful. 05/01/2012

No