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I am a single member in my business. i have filled out a form 2553 and it was accepted. what to do with W9?

I am a single member in my business. i have filled out a form 2553 and it was accepted. (election by a small business corporation) when i fill out a w9 form, do i check off sole proprietor or s corporation? and do i use my SSN or EIN? am i disregarded? I just want crystal clear explanations. i want to understand. thank you

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New Member

I am a single member in my business. i have filled out a form 2553 and it was accepted. what to do with W9?

As a single member LLC, you would normally use your social security number. Since you've formed a S-corp with form 2553, you'll now enter your s-corporation name, which is your LLC name (as used on form 2553), on line 1 of the W-9. 

In box 3 of the W-9, you should select the 6th checkbox for Limited Liability Company and enter "S" for S-corporation, in the space to the right.  Now that your business name is an s-corp, it is not a disregarded entity by the IRS, it's a s-corporation. 

To see this information at the IRS see page 3 of the instructions here: https://www.irs.gov/pub/irs-pdf/fw9.pdf

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New Member

I am a single member in my business. i have filled out a form 2553 and it was accepted. what to do with W9?

As a single member LLC, you would normally use your social security number. Since you've formed a S-corp with form 2553, you'll now enter your s-corporation name, which is your LLC name (as used on form 2553), on line 1 of the W-9. 

In box 3 of the W-9, you should select the 6th checkbox for Limited Liability Company and enter "S" for S-corporation, in the space to the right.  Now that your business name is an s-corp, it is not a disregarded entity by the IRS, it's a s-corporation. 

To see this information at the IRS see page 3 of the instructions here: https://www.irs.gov/pub/irs-pdf/fw9.pdf

View solution in original post

New Member

I am a single member in my business. i have filled out a form 2553 and it was accepted. what to do with W9?

Thank you very much. It makes more sense now, I really appreciate it.
i will probably have to amend my taxes. i did the self employment.

I should have gone to a professional, but i am just stubborn and like to be independent...
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New Member

I am a single member in my business. i have filled out a form 2553 and it was accepted. what to do with W9?

Thanks!  This is what I was looking for.

 

Line 1 and Line 2 confused me and didn't find any good answer for LLC - S-Corp elected. 

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Level 2

I am a single member in my business. i have filled out a form 2553 and it was accepted. what to do with W9?

If you put the business income on the Sch C with the personal tax return  instead of filing the form 1120-S for the corporation  then you have made a BIG mistake and you should RUN to a local tax pro to get this fixed ASAP since the penalties on the failure to file the 1120-S by 3/15 are piling up fast.  And if you have not been taking a wage and filing quarterly/annual payroll tax reports then you need to be educated on what you must do as a corporation.