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FAQ

I co-founded a startup in 2015. Our value hasn't increased and we didn't draw salary. Do I need to issue w2's/1099's to the co-founders for taxes?
No. You do not EVER issue W-2 / 1099's to founders.W-2 is for employees and 1099 is for independent contractors.Did the start up have revenues? Profits? Are you trying to deduct the loss? What is the legal structure? These are the answers I need to have before I can assist further
My wife is working for a new company that wants to issue her a 1099 for contract work. Should I have them pay our LLC (which is an S-Corp) instead of through a W-9?
Before we start, I'd like to clarify something.  A W-9 form is a Request for Taxpayer information and serves as the basis for the 1099 form that will be issued at the end of the calendar year.  Most companies will not issue any checks without first having this information in their hands.  Your wife will have to fill out one, no matter what (assuming she wants to be paid).Now, on to you question.  For your wife, there are two compensation options for a non-employee (i.e. independent contractor):They can make the checks payable to her personallyThey can make the checks payable to your S CorpI would advise that you have the checks made payable to the S Corp.  The primary reason is that, to a certain extent, you will avoid self employment taxes, namely FICA (6.2%) and Medicare (1.45%).Had your wife been an employee of the company, these 'payroll taxes' would be paid by the employer.  They represent a 'matching amount' that employer pays, based upon how much is deducted from an employees' gross pay for these taxes.However, when you are self-employed, rather than the employer paying these taxes, you pay this matching portion.The tax advantage of an S Corp is that the earnings of this type of entity is not subject self employment taxes, whereas, if the check is payable directly to your wife, they are.This is outside the scope of your question, but related.  The IRS is determined to get 'some' payroll taxes from your S Corp.  You must pay all shareholders who participate in the operations a reasonable salary.  In doing so, your S Corp will be required to pay the FICA and Medicare taxes for anyone on payroll.  Many S Corp owners mistakenly believe they can simply pay themselves no official salary, thereby escaping the payroll taxes.  Further reading:S Corporation SE Avoidance Still A Solid StrategyS Corporation Taxes, Self Employment Tax Savings
Should an S corporation issue a 1099 form if it makes a payment to a company conducting an exhibition where the S corporation is taking part?
Bottom-line: With a $50 penalty for failing to file and no harm to anyone for filing what you actually paid, the rule of thumb for 1099s is “When in doubt, file it”.Tips:Business expense but not merchandise - You do not have to file 1099 on merchandise purchases.Inc. - If the vendor displays “Inc” in their company name then they are required to be incorporated. You do not have to file a 1099 for incorporated entity.LLC, Company, LLP, etc - These are not necessarily corporations & unless you have a signed W-9, then you probably should file a 1099 to be safe.Get a signed W-9 - Apart from these tips, the surest way to know is to have them provide you a signed Form W-9. Best Practice Tip: It is good practice to send a Form W-9 for completion whenever establishing a new Vendor account. Here is the IRS form: https://www.irs.gov/pub/irs-pdf/...Reference: IRS Publication “Instructions for 1099-Misc” https://www.irs.gov/pub/irs-pdf/...Karl SextonPartner / Sr. Business AccountantAccounting On-Call Inc.O. (813) 641-4262?karl@accountingoncall.netwebsite: Accounting On-Call | Tax | Payroll | Bookkeeping
Why doesn’t a 1099-S need to be issued to corporations? How does the corporation report the proceeds of the real estate transaction and what check exists to ensure that the corporation actually reports such proceeds?
Due to the high level of administrative reporting for corporations, the IRS exempts corporations from needing to receive a Form 1099-MISC at the close of escrow. It is the responsibility of the corporation to disclose all their sells and purchases when they are filing their taxes with their CPA. There is really no cross reference and it would be really hard for the IRS to track down every sale that is done unless they did an audit of the corporation.
I’m about to be sponsored for a green card by my employer (H-1B). I have also worked for food delivery based apps. From these, I have received 1099-S. I got my tax transcripts from the IRS and it does show the 1099 earnings. Will this be an issue?
It is certainly not an issue to worry about. The good thing is you filed your taxes and you have the transcript to prove it. You are totally fine. All the best.
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