I read once that 1099MISC is not cross checked by the IRS. Client received a 1099K in his own SS number instead of his S corp EIN. I'd like to report it on the 1120S and avoid filing a Schedule C for that one 1099K. Meantime, he is trying to get the payer to reissue correctly but I thought I'd ask anyway. Thanks.
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Almost ALL accountants will issue 1099s to the name on the check. Something may be wrong with the client's request.This post is for discussion purposes only and should be verified with other sources before actual use.
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The IRS does match 1099MISC. The IRS looks at the total on all the 1099MISC forms and verifies that the total on Schedule C or F is that amount or more.
The IRS does match 1099K forms. I have had one client receive a CP2000 for the total credit card transactions reported on the 1099K was more than the gross receipts on her Schedule C. She sells stuff at various trade shows and was letter other booth operators use her CC machine. She doesn't do that now.Jiggers, EAComment
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that's what I figured
Thanks, Jiggers. I'm not going to take any chances and we'll do the Schedule C if he can't get PayPal to correct it.Comment
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