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Do you issue a 1099 for guaranteed payments? Do not issue a 1099-MISC for the guaranteed payment. A partner (even a member of an LLC filing as a partnership) gets a Form K-1 to report all types of income and deductions. Do guaranteed payments count as wages for PPP? ThePPP statutory...
However, if you operate a sole proprietorship, you can still obtain an EIN and use it in the same way even though it’s only required if you have employees. Step 2—Apply for an EIN You can apply for your EIN by fax, phone or mail; however, the IRS prefers that you su...
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Introduction Mass public shootings, an event in which 4 or more people (not including the perpetrator) are killed with firearms in a public space, are a public health crisis.1 Mass shootings are statistically rare in comparison with other forms of gun violence, but because the perpetrators of...
A natural follow-up question that many ask is, “Well, now that I am an S corporation shareholder-employee, can I still take the home office deduction? I used to report it directly on Schedule C, but now what? Does my S corporation just pay me rent for the space?” Well, you have...
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Business If you only receive income from an employer, reported on a W-2, what can you do to manage AGI?Question:If you only receive income from an employer, reported on a W-2, what can you do to manage AGI?AGI:AGI is an acronym that stands for ad...
If you’re thinking of switching structures to an LLC, CorpNet is always here to help with business formation and compliance requirements.Contact us todayto discuss your business’s needs! Nellie Akalp A pioneer in the online legal document filing space since 1997, Nellie has helped more than ...
S-corp: Unlike a C-corp, an S-corp is considered a pass-through designation. Income, losses, deductions, and credits can be passed through to shareholders, thereby avoiding double taxation. An S-corp can have no more than 100 shareholders. Owners must file through the IRS to achieve an ...