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S
SLC
Level 2
March 10, 2020

Income Received Before Business Started

  • March 10, 2020
  • 2 replies
  • 8 views

I have a client who is a consultant for a company and is paid on a 1099. During the 2019 tax season he became an LLC and will apply to file as an S-Corp. Is the income he received before becoming an LLC counted in the LLC income or will that be a schedule C?

Thank you in advance for your help.

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    2 replies

    IRonMaN
    IRonMaN
    Level 15
    March 10, 2020

    An entity can't exist before it exists. You have a schedule C to deal with.

    Slava Ukraini!
      S
      SLCAuthor
      Level 2
      March 10, 2020

      That's what I thought - thank you!

        IRonMaN
        IRonMaN
        Level 15
        March 10, 2020

        You betcha!

        Slava Ukraini!
          qbteachmt
          qbteachmt
          Level 15
          March 10, 2020

          LLC income is the same, Sole Proprietorship Sched C.

          You don't have an S Corp until you file the election paper with the starting date and the IRS accepts it. You stated "will apply" so that means we are a bit late to make this an S Corp with Payroll in 2019.

          Don't yell at us; we're volunteers
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