TaxGuru,

I work as an independent contractor providing I.T. consulting services. Last year I filed for S Corporation status with the IRS and worked as a consultant for one company. The company I did work for gave me a 1099misc (with my name on it not the corporation) in January but Im unsure on how to apply this income from the 1099misc line 7 to the s corporation revenue.

Also how do I handle S/E taxes? Are they calculated directly from the amount on line 7 on the 1099misc or from the profits of the corporation?
Thanks!

First, I think you need to provide me with answers to the following questions.

1. Did you provide the Company with your 'S' Corporation information, ie the EIN# and name of the Corporation?

2. Did you have a contract stating that it is the S Corporation that is being engaged to perform consulting services for the end IT Client?

3. Did you get checks paid in your name or was it in the name of the S Corporation?

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