Will I get 1099 form if I put payment on hold?

Will I get 1099 form if I put payment on hold?
I have a question with 1099 form. I am in the process of forming an LLC. I do have some revenue from internet advertising (e.g. google adsense) right now registered under my SSN. Right now I put the payment on hold, therefore I haven't received anything from those advertisers. Will I still receive any 1099 forms from those unrealized/unreceived income? well, I did try to contact those firms, and it's endless waiting... that's why i am trying to ask here instead. Thanks! Thanks for the response. The whole motivation of putting payment on hold is to avoid a 1099 form connected with my individual SSN. I want to delay getting a check untill I get an EIN setup... I guess the question now becomes: will a company issue 1099 form to a contractor even if it hasn't sent out a check? I think this rarely happens, but I just wanna double confirm...


Answers:

dazed&confused:  I do not know the specifics of your situation. However, even a cash basis taxpayer (using you SSN) cannot fail to declare income when there has been constructive receipt. For example, if you receive a check in Dec but do not deposit it into your bank account until the following Jan is it still the prior year's income. As far as your LLC I believe that you can (but I am not sure) chose your type of accounting re cash (explained above) or accrual. In theory if you do not receive a 1099 (unless the receipts are less than the reporting threshold of $600 for a Form 1099-MISC) then I guess you could take a chance and not report the income. However, just because you do not receive a 1099 does not mean that you do not have to report the income. A ridiculous example would be you receive $5,000 but the payor never sends you a 1099 for whatever reason. The payor has made a mistake; that does not mean that you should not pick up the income. I hope that this helps.
2006-12-03 20:24:33
Chosen Answer
Shop4MyBiz.com:  The 1099 is only given when they cut you a check. Since they haven't then you should be ok. If your LLC is already setup, the fastest way to get a Fed ID is to call the IRS at 1-800-829-4933
2006-12-04 08:15:55