Checks Must Come in the Corporate Name–No Exceptions
Do you receive the income and then endorse the checks to your S corporation? That’s a no-no.
Are the checks made out to your S corporation, but you receive a 1099 for the income? That’s a no-no.
Make sure your S corporation setup does not put you in no-no tax land.
Tax Planning Tragedy
To save self-employment taxes, some self-employed taxpayers and one-owner businesses change from a proprietorship to an S corporation.
When the change to the S corporation is done incorrectly, knowingly or unknowingly, the income can be taxed to the individual ... Log in to view full article.