How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Mark Taylor Your Own Question
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2309
Experience:  Certified Public Accountant
Type Your Tax Question Here...
Mark Taylor is online now
A new question is answered every 9 seconds

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.

I hope you found this information to be beneficial. If this answered your question please take a few moments to rate my response. A rating is needed in order for me to receive credit for helping you today. The rating bar is located at the top of the page – ranging from 1 to 5 stars. If you need me to clarify aspect of my response or if there are additional areas of the question that you would like me to consider please let me know. I would be happy to continue the discussion. It has been my pleasure helping you today.