Business Strategies

Can I “Nominee” Income From a Schedule C to Another Return?

I have a few physician clients who earn their income via Form 1099 and are perfect candidates for an S corporation. However, the hospital won’t issue the Form 1099 in the name/EIN of an S corporation. Is this an issue? Can I still report the income on the Form 1120S and report the Form 1099 on a Schedule C with a negative adjustment for the same amount and attach an explanation annually? Or is there any other way?

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Can I “Nominee” Income From a Schedule C to Another Return?

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CURRENT EDITION

Lessons Learned from the Tax Court: An Olive Branch in Tax Court

Two Tax Systems: The Fundamental Divide That Shapes Every Client Strategy

When Your Client’s Business Fails: Easing the Tax Pain

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