Discussion:1099misc for 1120s shareholder
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Everettlove (talk|edits) said: | 27 October 2008 |
| i have a friend (husband and wife) who own a 1120s corp.. their cpa issued 1099misc as well as k1s
it has been my experience that is in error to receive a 1099misc (nonemployee compensation)if you are a shareholder in a scorp the 1099misc reported 20k and 30k repsectively and on the k1 has ordinary income minus 6246)(-6246) and reflects no distribution to shareholders. what consequences could occur if irs when it receives the 1096 and the corp return, match the two together and come up with oh oh | |
| 27 October 2008 | |
| we don't know the entire story, but either they don't take the CPA's recommendation to do payroll for themselves, in which case they are idiots, or the CPA doesn't follow IRS rules, in which case they are idiots for not finding a different tax advisor. Either way, they need to change something right away. | |
| October 27, 2008 | |
| Use that little yellow search box to the left and you'll find lots of posts on this. | |
Everettlove (talk|edits) said: | 29 October 2008 |
| thanks for the input... | |
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