S-CORP

Forum|Forum|2 years ago
January 20, 2024
1 reply
6 views

I got a question🤐

I started a single member LLC on the 8th of August and also elected it to be an s-crop the same month.

Now, before I start my LLC, I work for another business as a contractor and I got paid with 1099nec and that has continued till today, and I never gave them my company EIN or my s-crop business named. All the information on my 1099nec is my name and my SSN.

What's my outcome here regarding tax return? Should I go ahead and filed my business income with 1120s and file my self contractor job with 1099nec.

All my income has come true my SSN

What your advice?

Not A Product Question

AbrahamT

Level 8

Here's the deal

Typically, a single member LLC which is elected to maintain S-Corp status does not require to receive 1099NEC's for the work they do. If the business that you set up on August 8th is the same business like you had up until now, (business contracting which you were receiving 1099NEC's), then you would record all the income up until August 8th on your personal tax return just as you have done in the past. From Aug 8 and further, you would pick up the income on the newly formed single member LLC. Your self contractor job is in essence your business income from August 8 and that would be reported on your business return.

[Edited 01/21/2024|3:00 pm PST]

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Asia121Author

Level 2

Thank u sir for ur answer. The business I set up is not what I do. The business is a different line of work.

Mike9241

Level 15

the S-Corp reports the income and expenses for the business it conducts. since you say it's different than your work as a contractor that would go on schedule C.

you need to get that S-corps EIN to those with which it does business. in the future do not give out your SSN for S-corp items. you can try requesting corrected 1099s (should be void for S-corp income) 1099s are not issued to corps in general.

see this link for options to report the 1099s for the s_corp

https://ttlc.intuit.com/community/business-taxes/discussion/a-1099misc-was-incorrectly-issued-to-my-ss-instead-of-my-s-corp-fein-issuer-refuses-to-amend-1099/00/768232

Mike9241