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As a single member LLC that files taxes as an S-corp, what do I tell insurers/clients

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  • As a single member LLC that files taxes as an S-corp, what do I tell insurers/clients

    that ask about my w-9/tax filing status? Insurers/potential employers often ask this and usually the options given are single provider/sole proprietor, partnership/group, LLC, S-corp, or corporation. Currently I am filling out paperwork for an insurer and there is box asking about my "W-9 entity type". Potential answer choices are individual, partnership, corporation, other, and multiple owners.

    I'm leaning towards corporation, but I could see rationale for LLC and s-corp also. For my current paperwork they don't even give s-corp as an option and I've found there is often variability. Anyone have a confident answer?

  • #2
    You should answer S-corp or corp. Payees d/n/h to submit a 1099-NEC to you if you are incorporated. Otherwise, indicate LLC, which is also correct, even though it d/n give a definitive answer. Then you’ll get a 1099-NEC but, as long as you report all of your income, those are typically just forms that go in your file cabinet or pdf of tax docs.
    Our passion is protecting clients and others from predatory advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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