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Answered in 8 minutes by:
6/24/2014
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 10,852
Experience: IRS licensed Enrolled Agent and tax instructor
Verifiedemc011075 :
Hi. If the company agrees to it, yes. There certain requirements independent contractor needs to meet, but since you are already doing it, I don't think this should be a problem.
emc011075 :
What's your company? Single member LLC?
Customer:
Single member LLC, yes.
emc011075 :
As long as you keep separate records and you can justify your expenses for 1099 you will be all right.
Customer:
They just changed my status to W2 this month, but there are still services that they are utilizing after hours/as needed, etc. which I planned to still 1099 them for. Am I or they at an increased risk of an audit?
Customer:
I was thinking that since I have 2 separate tax identifications (social security for W2 and Tax ID for 1099) that it would not be a "red flag".
emc011075 :
As long as you keep good records you don't have to worry about audit. Every 1099 income increases your chances of being audited.
emc011075 :
Your 1099 LLC income will be claimed on your personal return anyway
Customer:
interesting. Thank you very much.
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 10,852
Experience: IRS licensed Enrolled Agent and tax instructor
Verifiedemc011075 and 87 other Tax Specialists are ready to help you
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