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Kelly Financial Services, Inc.

400 Bridge Street, Suite 4
New Cumberland, PA 17070
717.774.7536



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1099 Reporting Requirements

Self-Employed Persons and Business and Rental Property Owners

You are required to furnish a 1099 to any unincorporated business, this includes LLCs and LLPs, or to person(s) to whom you have paid $600 or more for services or rent, or $10 or more in gross royalty or interest payments. Areas reportable for all self-employed include payments made for accounting fees, commissions, rent of building, land, cars & or trucks, repairs of business cars or trucks & sub-contract labor (non-employee compensation). If you have a privately held mortgage or loan you must report all interest over $10 that is paid to that individual. Do not issue a 1099 to a bank or lending institution.

Note: Beginning after Janaury 2012 – a 1099 will be required to be filed to all entities including Corporations, which are currently exempt for reporting.