You answered a question for me the other day but I had a follow up question.
I received some 1099s in my name and SSN# instead of my S-Corp name and EIN#. You told me to deposit the amount into the business account and enter the income on the S-Corp return, then to put the income on Schedule C of my personal return and take a deduction for the same amount. My question is where do I enter the deduction and how do I notate it on the Schedule C? I obviously don't want to do anything that raises a red flag and makes the computer spit out a nasty audit letter.
Someone else told me to try and get corrected 1099s from the people that sent them - is this another option? Which is the best way to go? If you say to get corrected 1099s, what do they need to have on them - the S-Corp name and EIN, or zero's in those boxes (I've seen postings of people saying both things).
Please reply in basic terms as though I know NOTHING, because at the moment I feel like I don't :-)
Thanks so much for your help.

Nobody wants to raise a red flag with the IRS, but clearly, you would have to report the 1099-Misc paid to you on your Schedule C and then deduct an amount paid to the S corporation as a outside service or better still, as a Management Fees. This is an expense item and your can list it under the other expense category as Management Fees.

That was the approach I would have taken, assuming you had deposited all the checks written on your name into your S Corporation bank account.

If all the vendor checks written in your name were deposited into your personal bank account, you would be subject to S/E taxes. Period!! Legally speaking you may not have much room to maneuver. You could discuss with your CPA to determine whether or not you are entitled to deduct any expenses against this income.

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