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I spoke with my broker's admin team and they told me we are…

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I spoke with my broker's...
I spoke with my broker's admin team and they told me we are not allowed to be paid through a business. They can only pay us as an individual to my name. They also told me that if I want to form an LLC I can but I would have to write myself a check from me to the business. That being said, what are my options? Is it possible to form a S-Corp LLC if the contractor refuses to write the check to the EIN only the SSN and will issue a 1099-MISC to the SSN?
Submitted: 4 months ago.Category: Tax
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Answered in 2 minutes by:
3/16/2018
Tax Professional: Robin D., Senior Tax Advisor 4 replied 4 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,183
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Customer reply replied 4 months ago
thanks
Tax Professional: Robin D., Senior Tax Advisor 4 replied 4 months ago

If the business will not deal with any entity but an individual, you could not pass the income to the S corp. Even if you write a check to the S corp the income is not passed to the S corp.

Your check to the S corp would be your investment to the S corp and not a payment.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 4 months ago

If you were an S corp then the W9 completed for the company would reflect that and no 1099MISC is issued to a corporation.

Some payments do not have to be reported on Form 1099-MISC, although they may be taxable to the recipient. Payments for which a Form 1099-MISC is not required include all of the following. Generally, payments to a corporation (including a limited liability company (LLC) that is treated as a C or S corporation).

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Customer reply replied 4 months ago
can you please provide irs references.
Tax Professional: Robin D., Senior Tax Advisor 4 replied 4 months ago

Sure.

You can start with the instructions for the 1099MISC

https://www.irs.gov/pub/irs-pdf/i1099msc.pdf

Then this on assignment of income, the assignment of income doctrine has been described by the U.S. Supreme Court as a first principle of taxation. This doctrine stands for the proposition that “the one who earned the income is taxed on it regardless of who receives the proceeds. I.R.C. § 61

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