My B/D 1099s me...you?
Looking for some direction and experiential input here. I am getting started indy. In a phone call to my B/D this week, they said they are REQUIRED by SEC law to pay my PERSONAL checking account and I HAVE to be paid as a 1099 contractor. I asked because after setting up the corp, I went and got a bank account. I am paying my expenses out of this account.
So, what gives? Is this internal acct just screwed up with his facts? Cause I keep asking myself how my business will ever make a penny if it is never able to receive income...it would just be a failing business every year, even though I am getting paid personally.
Appreciate your help.
That's accurate. LPL set up a personal brokerage account to deposit my commissions in, and then I have an ACH sweep out to my corporate checking the same day.
I get a personal 1099 that I wash through a schedule C, noting that the income is reported on my S-Corp...it all works just fine...ask your accountant.