Property Management Company Issued 1099 in Personal Name Not LLC

[Bryen Blankenship]

In May of 2019 I created 2 LLC's for asset protection for my properties in Chicago. One LLC was formed in the state of Wyoming as a partnership to hold my IL LLC as a single member which holds my properties. I've setup two separate bank accounts for each LLC and money has been flowing to them since the creation. My PM company issued a 1099 in my name and because of this my CPA is telling me my LLC's earned ZERO dollar.

Here's the statement he wrote me, "If for 2019 nothing was earned in the LLC, we can certainly prepare "zero returns", but you cannot ignore the filing." Can I go back to my PM company to have them issue a 1099 in my LLC name? Trying to make sense of this before the deadline of 3/15.

Thanks on advance for the help.

[Nathan Gesner]

@Bryen Blankenship technically, they should issue a 1099 for income earned while privately held and another 1099 for income earned under the LLC. Maybe your PM didn't realize this or made a mistake. I would contact them and request they correct it and issue new 1099s.