1099 dilemma

[Stephen Grattan]

Hi David,
 
My wife is a CPA and she says that as long as you included the income in your Schedule C (even if not broken out)  you are covered and there will be no harm done.  I have had that happen several times without a problem.

Steve Grattan
Lost Chord Clinic



----- Original Message ----
From: David Love <davidlovepianos at comcast.net>
To: Pianotech List <pianotech at ptg.org>
Sent: Sunday, April 6, 2008 10:09:41 PM
Subject: 1099 dilemma

Here's a situation that I've not encountered before and I'm curious to know
if any of you have an insight into or experience with.  A customer of mine
calls me about two weeks ago telling me that he will be sending me a 1099.
That's fine except that these are required to be sent by 1/31 and the 1098
file with the IRS at some time in February.  So it's late.  Moreover, he's
still not sent it so I don't have the info to put into my income report for
my schedule C.  If I don't report the 1099 income, file my taxes and then he
decides to send it, it will look like I omitted it from the schedule C
report and may very well get a notice from the IRS for underreporting.
Since I file electronically, I need to get this done tomorrow or the next
day.  Any accountants out there (current or former) who can shed some light
on this dilemma?

Thanks.



David Love
davidlovepianos at comcast.net 
www.davidlovepianos.com
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