I am a amazon vine reviewer. I received a 1099 form for the value of the products I was sent to review. The recipient shown on the 1099 is my personal name. However, my account with amazon is set up with my corporation name and EIN. I have asked Amazon for a corrected 1099, but they refuse to send one. My intention for joining the amazon vine program waw to resell the products I receive on various re-sell platforms such as ebay and others. I am also set up on these platforms as a seller identified as a coporation - the same corporation that is named on the amazon vine account. So how do I avoid paying personal tax on the amount shown on the 1099, since these products are actually inventory that will be sold on various online platforms. Please note that I am required to keep the product for six months before I can sell it or give it away.
If you received a 1099 form in your personal name for products that should be considered inventory for your corporation, and Amazon refuses to issue a corrected 1099, you should still report the income and expenses through your corporation. Here's what you can do: 1. **Report the Income to Your Corporation**: Even though the 1099 is in your name, you should report the value of the products as income to your corporation, since that's the entity that will eventually sell the inventory. 2. **Keep Detailed Records**: Maintain clear records showing that the products were received for the purpose of your corporation and that they are part of your corporation's inventory. Document your attempts to have Amazon correct the 1099 and their refusal to do so. 3. **Personal Tax Return**: On your personal tax return, you would not report the 1099 income since it's not your personal income. However, you should attach a statement to your return explaining why the 1099 income was not included, referencing the income as reported by your corporation. 4. **Corporate Tax Return**: On your corporate tax return, report the value of the products as income. When you sell the products, you will also report the cost of goods sold, which should offset the income from the products. 5. **Consult a Tax Professional**: Given the complexity of the situation, it's advisable to consult with a tax professional who can help you navigate the reporting and ensure that both your personal and corporate tax returns are
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