1099misc

[Unregistered]

Scorp - Insurance agent

Gets Commisson every month

(1) Got 1099 from insu company to scorp. Is it right?
Report 1099 amount as a revenue on 1120s
Per book total deposit is less than 1099 amount
Any explanations or attachment with the return?

(2) Also, got 1099 misc for exclusive agent stock bonus plan . 1099 to share holder.
Should I just add to Revenue or report on sch "c"

Any other thing for insu company return?

Thanks!

[Bees Knees]

Assuming the 1099 was issued with the S corp’s EIN, you report it on the 1120S as revenue. If total deposits per books are less than 1099, assuming there is a logical explanation, attach it to the 1120S return. IRS will probably ignore it since 1099s are not required to be issued to S corps.

As for the stock bonus plan, why is the income reported to the S corp but the Stock bonus plan reported to the Shareholder? If the S corp has any meaning, the deal should be between the insurance company and the S corp. If the insurance company is offering benefits directly to the S corp shareholder, then the S corporation is not really doing what it was designed for. Sounds more like a waste of money paying to have all these extra tax returns filed.

[Unregistered]

Assuming the 1099 was issued with the S corp’s EIN, you report it on the 1120S as revenue. If total deposits per books are less than 1099, assuming there is a logical explanation, attach it to the 1120S return. IRS will probably ignore it since 1099s are not required to be issued to S corps.

As for the stock bonus plan, why is the income reported to the S corp but the Stock bonus plan reported to the Shareholder? If the S corp has any meaning, the deal should be between the insurance company and the S corp. If the insurance company is offering benefits directly to the S corp shareholder, then the S corporation is not really doing what it was designed for. Sounds more like a waste of money paying to have all these extra tax returns filed.

Thank you. Also since payment on stock bonus plan was reported on 1099misc, client would have to pay se tax, right? I would also ask client to get 1099 misc in the name of S corp and not owner/shareholder or may be I can show on sch "c", amount from 1099misc, and then backout entire amount on sch "c"

Thanks.

[Unregistered]

Thank you. Also since payment on stock bonus plan was reported on 1099misc, client would have to pay se tax, right? I would also ask client to get 1099 misc in the name of S corp and not owner/shareholder or may be I can show on sch "c", amount from 1099misc, and then backout entire amount on sch "c"

Thanks.

Thanks for your time