You answered a question for me the other day but I had a follow up question.
I received some 1099s in my name and SSN# instead of my S-Corp name and EIN#. You told me to deposit the amount into the business account and enter the income on the S-Corp return, then to put the income on Schedule C of my personal return and take a deduction for the same amount. My question is where do I enter the deduction and how do I notate it on the Schedule C? I obviously don't want to do anything that raises a red flag and makes the computer spit out a nasty audit letter.
Someone else told me to try and get corrected 1099s from the people that sent them - is this another option? Which is the best way to go? If you say to get corrected 1099s, what do they need to have on them - the S-Corp name and EIN, or zero's in those boxes (I've seen postings of people saying both things).
Please reply in basic terms as though I know NOTHING, because at the moment I feel like I don't :-)
Thanks so much for your help.