Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 04-16-2011, 12:15 PM
Junior Member
 
Join Date: Apr 2011
Posts: 1
1099 Misc given to s corporation's name

Hi, my question is the following. Some of the 1099-Misc were given to recipient's name: "the s corp name", and some others were given to the solo shareholder of the s corp.
Should I enter all the 1099Misc in his 1040 or should I enter only the ones in his name? and the rest in 1120s? If so, where should I enter 1099 misc in 1120s?

Thanks



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 04-17-2011, 08:32 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
“Should I enter all the 1099Misc in his 1040 or should I enter only the ones in his name? and the rest in 1120s? If so, where should I enter 1099 misc in 1120s”---> I guess they need to be reported as the income on the S corp’s 1120S. Even though they receive 1099s in their name, they STILL show 1099s income as corporate income on the S corp’s 1120S. The solo shareholder that received his 1099MISc income, as an IC, I guess( BUT I am not sure) needs to file his Sch C to report the his 1099 income on his Sch C and report it on his 1040.In general, you need to send a 1099-MISC to the LLC or LLP but not to the S Corporation; 1099-MISCs are issued to individuals, estates, partnerships, disregarded single-member LLCs and LLCs treated as partnerships. Corporations and LLCs treated as an association and taxed as a corporation are generally not issued 1099-MISCs UNLESS the payments are: for medical and health care (box 6); for fish purchases paid by cash (box 7); for attorney fees (box 7); or etc. As long as you hire LLCs and pay them more than $600 per year, then you need to file Form 1099-MISC with the IRS to report the amount of the payment. However,this requirement doesn't apply if the LLC has opted to be taxed as a corporation. So, you, as a hiring firm, do not have to file Form 1099-MISC when you hire a corporation. For this reason, some businesses prefer to hire corporations instead of LLCs because they can avoid filing the 1099-MISC form altogether. Payments to corporations (and, implicitly, all corporations passthrough entities or not) are not required to be reported. Firms don't like filing the forms because they often lead to audits. In other words, you need to issue a 1099MISC if the entity you paid is anything other than a corporation, and exception: you MAY issue a 1099 even to corporations as long as the payment is legal fees or rents.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
1099-misc fuzzybritches15 S-Corporation 0 10-20-2010 06:55 PM
1099 Misc kfloyd Income 0 04-14-2010 10:16 AM
1099 misc? lehman09 Income 1 01-30-2009 12:16 PM
Treatment of shareholder Loans to a C-corporation's Melissa C-Corporation 1 03-11-2007 12:39 AM
C Corporation's Initial Tax Return Issues chrisk C-Corporation 1 01-26-2007 11:14 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.