CB W2s?

Kay King

13 years ago

Misread your question - sorry - most companies send out W2s at the end of January.

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Alan Petersen

13 years ago

You're not their employee so you won't be getting a W2 from ClickBank. If you made over $600 and you're a sole proprietor you'll get a 1099. If you're incorporated (LLC, Inc,. etc.) you won't get anything.

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JHC81

13 years ago

Cb will not send out W2 because you do not work for them.

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SilentX

13 years ago

Oh right right, yeah I meant 1099 you're right. I am not incorporated, I just got an EIN and gave them that a few months ago. So, yeah, consensus is end of Jan beginning of Feb then?

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Alan Petersen

13 years ago

Originally Posted by SilentX

Oh right right, yeah I meant 1099 you're right. I am not incorporated, I just got an EIN and gave them that a few months ago. So, yeah, consensus is end of Jan beginning of Feb then?

The deadline is Jan 31 but if you used an EIN vs SSN they won't send you a 1099. It gets filed in my Schedule C so no 1099 is required from those companies.

If use your SSN then you will get a 1099 from CB.

You should talk to an accountant. Especially for 2012. A lot of changes coming.

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SilentX

13 years ago

How do you mean, "It gets filed in my Schedule C"? I don't need a 1099 now since I submitted an EIN, but doesn't that mean I would need something else in its place? I will talk to an accountant to get the details, but I'd appreciate any other info.

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Alan Petersen

13 years ago

Originally Posted by SilentX

How do you mean, "It gets filed in my Schedule C"? I don't need a 1099 now since I submitted an EIN, but doesn't that mean I would need something else in its place? I will talk to an accountant to get the details, but I'd appreciate any other info.

Yes, please note... I'm not a CPA but I'm married to one.

But do check with your own accountant.

But basically... schedule C is the profit/loss section for a business that is part your individual income tax report. It's part of your 1040 that you send in to the IRS. Since you have an EIN you can include your business stuff (income, loss, deductible expenses, etc.) in the Schedule C part of your 1040.

This is only if your filing as a sole proprietorship or LLC (if it's just you). Since you have an EIN you filed the paperwork with the gov so they know about you vs. an individual who has not and could easily not report income thus they require the merchant to provide the 1099's to make sure folks are reporting on their end.

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capemay

13 years ago

Originally Posted by Alan Petersen

But basically... schedule C is the profit/loss section for a business that is part your individual income tax report. It's part of your 1040 that you send in to the IRS. Since you have an EIN you can include your business stuff (income, loss, deductible expenses, etc.) in the Schedule C part of your 1040.

This is only if your filing as a sole proprietorship or LLC (if it's just you). Since you have an EIN you filed the paperwork with the gov so they know about you vs. an individual who has not and could easily not report income thus they require the merchant to provide the 1099's to make sure folks are reporting on their end.

Question for anyone - I also setup an LLC with an EIN, and I intend to file using it as a disregarded entity.

I received several commission checks over the past year (for CPA lead gen) - if the CPA network doesn't issue me a 1099 (because of the EIN), how can I be sure what they are reporting to the IRS will match up with what I'm reporting based on my records?

Also, for my expenses on Schedule C, do I also need to send in some backup, like photocopies of receipts, or is that only used if I'm audited?

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SilentX

13 years ago

Oh, that's very helpful. Thank you.

So basically since I have supplied clickbank with my EIN it's up to me to fill out my own 1040 and report my own earnings from clickbank and anywhere else?

I would still think that clickbank would send me something that I can refer to when sending in my documents to the IRS.

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Alan Petersen

13 years ago

You can get all that information from your Clickbank account so they don't send it to you. It probably saves them buku bucks not to so I can see why they don't do it.

I checked with them a couple years when I thought the same thing and their response...

"In accordance with IRS regulations, 1099's are only sent to individual accounts reporting under a SSN that earned over $600 in affiliate commissions (not including direct product sales) during the calendar year. In your case, your use of an EIN on your account essentially removes our 1099 reporting requirement to the IRS. For your convenience, you can see the total amount of payments made to you during the year on the top of the reporting page in your account, for use in tax purposes."