IRS Memo Explains that Not All LLCs Are Exempt from Section 6041
Brief Background All persons engaged in a trade or business who, in the course of that trade or business, make payments of $600 or more to another person are required to report the payments to the IRS under section 6041 (e.g., Form 1099-MISC). [1] There are, however, exemptions under Treasury regulations.[2] Notably, returns of information…