I am a single-member LLC owner. Under which number should I receive 1099-MISC forms: SSN or EIN? Which number should I give to my corporate clients?

[DS30]

Just for personal security reasons, you will want to give your corporate clients your LLC's EIN. Even though you will be reporting this income under your SSN on your Schedule C (or Schedule E if a rental property LLC) as a disregarded entity, the IRS will know this is the situation and will be able to match your LLC income to the IRS records.

[Taxathrone]

@DS30 -- the IRS (see page 4 of the W-9) specifically says not to do this, though: "If you are a single-member LLC that is disregarded as an entity separate from its owner, enter the owner’s SSN (or EIN, if the owner has one). Do not enter the disregarded entity’s EIN."

[Irene2805]

Taxathrone is correct.  It comes down to whether the EIN is issued to you personally, or the LLC:

• If the EIN was issued to you,  give your clients the EIN number.
• If the EIN was issued in the name of the LLC, give your clients your SSN.

For more information see the IRS Instructions for the W-9 (starting on p. 4)

[Taxathrone]

@Irene2805 -- so, I just got a 1099-INT from my bank for the business bank account that I opened in my LLC's name with the EIN issued in my LLC's name for that purpose, and so of course the 1099-INT has the LLC's name (just its name, in fact) on it and its EIN.

Per the IRS that "for federal income tax purposes, a single-member LLC classified as a disregarded entity generally must use the owner's social security number (SSN) or employer identification number (EIN) for all information returns and reporting related to income tax," does my bank need to re-issue the 1099-INT in my name and SSN (or at least with my SSN on it)?

[AmyC]

No, the bank used the owner's information. The owner is the LLC.

As you stated:

Per the IRS that "for federal income tax purposes, a single-member LLC classified as a disregarded entity generally must use the owner's social security number (SSN) or employer identification number (EIN) for all information returns and reporting related to income tax," 

You will report the interest income on your LLC. If you file a sch C, include the income there. If you file an S-Corp, include the income there.

For the schedule C,

1. Go to Business Income
2. Scroll down to Other Income and it lists: cash prizes, business interest, bad debts....
3. Start or Update

[Taxathrone]

@AmyC -- no, the bank used the LLC's EIN, not my ("owner's") EIN, and in the passage you quoted, the IRS is referring to the owner's EIN, not the LLC's EIN, which is different, as you can see made explicit in the example that the IRS provides (bolded below) as part of the passage you quoted:

"For federal income tax purposes, a single-member LLC classified as a disregarded entity generally must use the owner's social security number (SSN) or employer identification number (EIN) for all information returns and reporting related to income tax. For example, if a disregarded entity LLC that is owned by an individual is required to provide a Form W-9, Request for Taxpayer Identification Number (TIN) and Certification, the W-9 should provide the owner’s SSN or EIN, not the LLC’s EIN."

[AmyC]

@Taxathrone I understand the confusion now. More information is always better.

Honestly, the 1099 is fine. In your case,  It goes on the sch C which goes on the 1040 - which uses your social security number. Think about it, why would sch C have a place to put business interest if it was not allowed!

[Taxathrone]

@AmyC -- thanks for clarifying that how the 1099 was issued is fine in my specific case, that's good to know, and I appreciate your time!