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- 1099-K reporting in a F reorganization with single owner disregarded entity
1099-K reporting in a F reorganization with single owner disregarded entity
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johnoc
Level 3
01-11-2024
05:56 AM
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Recently a client sold his business (C corp. state conversion to LLC as disregarded entity). IRS approves entity classification via Form 8832. All steps for F reorganization completed per IRS rules.
buyer as corporation owns disregarded entity. Whose EIN should be used on the disregarded entity,
for income reporting purposes? i.e. 1099-K and other income by disregarded entity?
IRS rules allow payroll to continue under old EIN for single owner LLC disregarded entity.
IRS Form W-9 and instructions direct reporting income (1099-K) under buyer EIN with single owner disregarded entity as business on line 2. Line 1 instructions direct reporting (buyer) owner of disregarded entity.
How does IRS keep this straight? 1099-K matching IRS programs; Same issue other income 1099/1098 income matching program issues.
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