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Little Rock Arkansas Form 1099-LTC: What You Should Know

E-Filer Forms and Requirements (Arkansas) Filing 1099-SA (or 1099-K) through an agent must be done by the “beneficial”. If a beneficiary (the person or business with rights to the income) is the primary filer, then the agent is the “beneficial-holder” for the amount being sent to the agent, if applicable. If a party is a “beneficiary” for an income tax return, the agent is the “beneficiary” for the amount being sent to the agent. Any type of “beneficiary” of 1099-K, 1099-NR, 1099-SA or 1099-INT information (for persons, companies and corporations) can be a “beneficial-holder”. This includes a company that has contracted with a person to administer and collect 1099 forms and provide them for them. An “agent” is defined as an individual, firm, corporation or partnership that has contracted with a “dealer” to manage the administration of 1099s on their behalf. “Agent” does not refer to the person who actually manages and collects the forms for these entities. This term also refers to the company from which the person, firm, corporation or partnership receives payment for the administration of 1099 forms (i.e., the agent) and the person, firm, corporation or partnership that receives payment from an agent as a percentage of the total payments received. Agents are not the same as 1099 brokers and are often in the business of managing 1099 forms and are not required to be registered as “agents”. Agents are required to file with the Arkansas State Government each pay period, using their own forms, if any. In addition, agents must annually submit all 1099 forms for which they are responsible to the Arkansas Department of Revenue and are subject to annual audit. These forms are called Arkansas Form 10990. If an agent has not filed 1099 forms for two (2) consecutive tax years, he/she is disqualified from representing the interests of the beneficiaries of 1099s until they have been audited by the Arkansas Department of Revenue (the Agency). Arkansas has no minimum annual filing requirements. In Arkansas, the filing of 1099 forms is done through the State Agency (not by an agent). This means that, if an IRS Form 1099 is received by the Arkansas State Agency, all 1099 forms should also be filed there.

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