|
Posted by SCorp on December 8, 2006, 2:26 am
Please log in for more thread options
As an S-Corp in California, will I receive a "W-2 like" form
reporting the income that was paid to my company by each
payee? Is this income even reported to anyone like it would
be if I was an employee?
I've kept pretty good track of all of my income, but it's
always nice to be able to compare it to official forms.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
|
|
Posted by Paul Thomas, CPA on December 8, 2006, 3:23 pm
Please log in for more thread options
> As an S-Corp in California, will I receive a "W-2 like"
> form reporting the income that was paid to my
> company by each payee?
It's called a Form 1099-MISC, and maybe you'll get them, but
you'll know if someone will send one, because you would have
to have given them your company name and TIN, generally on a
Form W-9.
> Is this income even reported to anyone like
> it would be if I was an employee?
Form 1099 series goes to the IRS (and possibly the state),
so yes, it's reported.
> I've kept pretty good track of all of my income, but it's
> always nice to be able to compare it to official forms.
There's a good chance of an audit if all you report is
exactly what was reported via a 1099 instead of reporting
your actual revenues. Now, getting the 1099 information is
good as an internal audit tool to see if what they report
they paid you is what your records indicate was received
(fraud in your office or theirs is often caught in this
manner). So if you find a difference, talk to the
management of the otjher company after you are sure of your
numbers.
--
Paul Thomas, CPA
paulthomascpapc@bellsouth.net
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
|
|
Posted by Bill Brown on December 8, 2006, 3:23 pm
Please log in for more thread options SCorp wrote:
> As an S-Corp in California, will I receive a "W-2 like" form
> reporting the income that was paid to my company by each
> payee? Is this income even reported to anyone like it would
> be if I was an employee?
>
> I've kept pretty good track of all of my income, but it's
> always nice to be able to compare it to official forms.
If you are an employee of the corporation you will receive a
W-2. If you are a shareholder, you will receive a K-1. If
you are both, you will receive both. Unless you are closely
involved in the operation of the S-corp I expect your
records to match the K-1 only be coincidence.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
|
|
Posted by Harlan Lunsford on December 9, 2006, 6:42 am
Please log in for more thread options SCorp wrote:
> As an S-Corp in California, will I receive a "W-2 like" form
> reporting the income that was paid to my company by each
> payee? Is this income even reported to anyone like it would
> be if I was an employee?
>
> I've kept pretty good track of all of my income, but it's
> always nice to be able to compare it to official forms.
You're thinking in terms of receiving forms 1099's from the
payers. These are not required when the payee is a
corporation, so don't look for any. But your corporation
may still get one or two, because some payors don't
distinguish and send them out to all vendors anyway,
corporate or not, required or not.
Just be on the lookout for any 1099's which may be issued in
your name and number however. You should have made sure
each check you got was made out to the corporation, and if
not, you may get 1099's. At that time you need to get the
payors to make corrections, or failing that, include them on
a schedule c with your 1040, but also subtract same amounts
as an expense on page two of the schedule c in order to zero
out.
There, that should cover it.
ChEAr$,
Harlan Lunsford, EA n LA
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
|
|
Posted by Tony Cox on December 12, 2006, 2:15 am
Please log in for more thread options Harlan Lunsford wrote:
> You're thinking in terms of receiving forms 1099's from the
> payers. These are not required when the payee is a
> corporation, so don't look for any. But your corporation
> may still get one or two, because some payors don't
> distinguish and send them out to all vendors anyway,
> corporate or not, required or not.
I hope you don't think I'm making a career of nit-
picking you, but if I remember correctly, SOME
professional corporations SHOULD get 1099s.
Legal services is one, I believe, which ought to give
the rest of us pause for thought as to why.
We occasionally get 1099-Misc forms from clients.
Invariably, our EIN is formatted like a SS number!
We throw them away unless they are clearly wrong.
Its hard to know what use they are, since the sender
has no idea what accounting method the receiver is
using, so there isn't really much that can be realistically
matched up by the IRS or anyone else.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
|
| Similar Threads | Posted | | Not reporting rental income | July 28, 2007, 2:28 am |
| Reporting income from NQSO without a W-2 | April 8, 2008, 9:57 pm |
| Reporting Income from Unusual Job Situations | February 14, 2008, 11:04 am |
| self employment income reporting error ... help please! | June 17, 2006, 9:05 pm |
| Roth 401k - Income Tax Return Reporting | May 7, 2007, 1:29 pm |
| Reporting of partnership | February 27, 2007, 4:14 pm |
| Tip Reporting Question | March 31, 2007, 10:34 pm |
| Options Tax Reporting | March 4, 2008, 11:31 am |
| oid payee reporting | March 31, 2008, 1:42 pm |
| Reporting Roth IRA | June 9, 2008, 2:48 pm |
|
|
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap