Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProConnect Tax
- :
- ProConnect Tax Discussions
- :
- 1099-K reporting in a F reorganization with single owner disregarded entity
1099-K reporting in a F reorganization with single owner disregarded entity
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
johnoc
Level 3
01-11-2024
05:56 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Recently a client sold his business (C corp. state conversion to LLC as disregarded entity). IRS approves entity classification via Form 8832. All steps for F reorganization completed per IRS rules.
buyer as corporation owns disregarded entity. Whose EIN should be used on the disregarded entity,
for income reporting purposes? i.e. 1099-K and other income by disregarded entity?
IRS rules allow payroll to continue under old EIN for single owner LLC disregarded entity.
IRS Form W-9 and instructions direct reporting income (1099-K) under buyer EIN with single owner disregarded entity as business on line 2. Line 1 instructions direct reporting (buyer) owner of disregarded entity.
How does IRS keep this straight? 1099-K matching IRS programs; Same issue other income 1099/1098 income matching program issues.
Labels
