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    S-Corp Return

    I am working on a 2017 S-Corp return. It is my first S-Corp return. I also completed the individual return for the same client. A CPA prepared the previous returns. Here are the issues: Under the S-Corp, the client social security number is appearing on the 1099-MISC as receiving royalties payments. All four 1099-Misc shows that the client was the recipient of the payment, although, on two of the Form 1099-Mis, it is showing the client's name DBA the name of the S-Corp. Since the client is the recipient of all of the royalties income, should all of this income go on Schedule E, and not the Form 1120S? It would appear that the clients are attempting to mix the personal return with the business return. As I review the documents, I am not 100% sure that I should attempt to prepare either or both returns. Any advice on this subject would be most appreciated. Thanks.

    #2
    Your post is not real clear... Let start off with this first.

    The client received 4 1099's. 2 of which are in his SSN & 2 of which have the Scorps EIN?

    Chris

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      #3
      Thanks for responding. It is four 1099 Misc, all showing royalty income. The social number is for the payee. Nowhere is this income linked to the S-Corp.

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        #4
        As Spanel said, not clear. You mention two clients, an individual and an S-Corp. You use of the term client in the rest of the post makes a determination as to which of the two clients you are referencing to be difficult.

        I am working on a 2017 S-Corp return. It is my first S-Corp return. I also completed the individual return for the same client.
        You can't complete the shareholder's 1040 until the S-Corp's 1120-S is completed and K1s are issued.


        Under the S-Corp . . . . . .
        . . . . . on two of the Form 1099-Mis, it is showing the client's name DBA the name of the S-Corp. . . . . .
        . . . . . Nowhere is this income linked to the S-Corp
        Is the name of the S-Corp on the 1099 or not?

        What is the business of the S-Corp?
        What are the royalties for?
        There are 4 1099s. What name and EIN are on each 1099?
        Who are the parties listed in the 4 royalty contracts?
        Who are the royalty checks made out to?
        Where were the royalty checks deposited?

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          #5
          The last item above is the most important: "Where were the royalty checks deposited?"
          Jiggers, EA

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