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M
milpassos
Level 1
March 10, 2021
Question

I have a LLC multimember (2 members) and our payment provider sent us the 1099k under our name (SSN) not under the LLC Name ( EIN).

  • March 10, 2021
  • 2 replies
  • 14 views

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?

This topic has been closed for replies.

2 replies

T
TaxGuyBill
March 10, 2021

It sounds like you need to discuss that with your tax professional.  A multi-member LLC is not a do-it-yourself project.  

    qbteachmt
    qbteachmt
    Level 15
    March 10, 2021

    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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