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-   -   Reclassifying income (https://www.askmehelpdesk.com/showthread.php?t=206023)

  • Apr 15, 2008, 06:25 AM
    pgamble103
    Reclassifying income
    What can be done in the following scenario?

    A person has been working as a sole proprietorship for a few years. They are paid on a 1099 basis. They decide in the middle of the year to incorporate and get a FEIN. They have been paid $10K via 1099 (on their own SSN). They want to report that income under their incorporated business. Can they? If so, how can they?
  • Apr 16, 2008, 10:33 AM
    AtlantaTaxExpert
    That is a complex corporate tax question that is REALLY beyond the scope of this forum; that is why you did not get an answer.

    If this is a homework assignment, determine the answer on your own.

    If it is real, call an enrolled agent or CPA to handle this issue. It is NOT a subject that should be addressed by an amateur.

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