My client took over a Schedule C business from a friend on 1/1/11. Payments to the business from insurance companies have always been reported on 1099 forms under the EIN. My client continued receiving payments from insurance companies using the the EIN in 2011. Is this going to be a problem? If so, any ideas on ho wto proceed?
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Schedule C
Has your client obtained a new EIN?
If not, he should do so immediately.
What name appears on the 1099? The name of the previous owner, the name of the new owner, or a "doing business as" company name?
BMKBurton M. Koss
koss@usakoss.net
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The map is not the territory...
and the instruction book is not the process.
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