milpassos
Level 1
03-09-2021
10:55 PM
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How can we do the taxes? Would my LLC fill the1065, k1 and after that us our 1040 or will it be a problem? Would the payment providers have to fix that? What is the better way?
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TaxGuyBill
Level 15
03-09-2021
11:22 PM
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It sounds like you need to discuss that with your tax professional. A multi-member LLC is not a do-it-yourself project.
qbteachmt
Level 15
03-10-2021
12:25 AM
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The 1099-K is for Activity, not for income; it isn't part of the tax filing. It would include sales tax collections, for example. Someone forgot to give the Payment Settlement Entity the right info, or you are using a credit card terminal not belonging to your LLC? That should get fixed by providing them a W9, and they likely need you to sign a new agreement for services.
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