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SLC
Level 2
Mar 10, 2020 3:37 PM UTC

Income Received Before Business Started

I have a client who is a consultant for a company and is paid on a 1099. During the 2019 tax season he became an LLC and will apply to file as an S-Corp. Is the income he received before becoming an LLC counted in the LLC income or will that be a schedule C?

Thank you in advance for your help.

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    4 replies

    IRonMaN
    IRonMaN
    Level 15
    Mar 10, 2020 3:43 PM UTC

    An entity can't exist before it exists. You have a schedule C to deal with.

    Slava Ukraini!
      SLCAuthor
      Level 2
      Mar 10, 2020 3:45 PM UTC

      That's what I thought - thank you!

        IRonMaN
        IRonMaN
        Level 15
        Mar 10, 2020 3:57 PM UTC

        You betcha!

        Slava Ukraini!
          qbteachmt
          qbteachmt
          Level 15
          Mar 10, 2020 5:46 PM UTC

          LLC income is the same, Sole Proprietorship Sched C.

          You don't have an S Corp until you file the election paper with the starting date and the IRS accepts it. You stated "will apply" so that means we are a bit late to make this an S Corp with Payroll in 2019.

          Don't yell at us; we're volunteers
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