My partner and I were doing pretty well on social media monetization, so we decided to set up a partnership LLC to separate the earnings from our personal income. We set up the business in our names, just the two of us, but when it was time to update our social media pages without tax info, we couldn't. First, we couldn't request a change on Facebook. Anyone who's ever dealt with Facebook would know that reaching them is almost impossible. So here we are, in 2024, ready to file our taxes and all our 1099 (totaling $65k) came in our personal names. We tried reaching Facebook for a corrected form again but it's dragging into weeks.
I would like to go ahead and file the 1099 we received as a business then report our earnings in Schedule K-1. My only concern is that the IRS might bother us, but this is our first business filing, and we'd like to know how to handle it.
