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Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2309
Experience:  Certified Public Accountant
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Second opinion] If I have an LLC with a partner, and the

Customer Question

Second opinion] If I have an LLC with a partner, and the 1099-k from the payment processor is reporting to my partner's SSN instead of the business EIN. I am not sure I will be able to fix this before tomorrow. Is it possible to claim that income from the 1099-k as business income for the LLC, even though it is being reported to my parter's SSN
Submitted: 9 months ago.
Category: Tax
Expert:  Mark Taylor replied 9 months ago.

Hi, my name is Mark. I will be happy to help you with your questions. You are still able to report the 1099-K under the LLC. The individual who received the 1099-K would need to report this income as other income on his or her 1040. They would also need to offset this amount with the description reported under EIN# ***** name of LLC.

Expert:  Mark Taylor replied 9 months ago.

Since the IRS will match the 1099-K to the individual's return it is necessary to report the income and them reverse it with the above description.

Expert:  Mark Taylor replied 9 months ago.

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