Tax Audit Specialist
August 3rd, 2006
Question: I.R.S HELP!!! Is anyone a tax specialist?
If you receive a 1099 late (mid feb) and you already filed on your figures, and his 1099 came in way above your figures (he is way too high) what are my options if any? his comment was tough you have to pay it. Can I request an audit on him and me? To match figures.
Answer: Cat is right. You need to file a 1040-X to amend you return. If you receive a refund from your first return set it aside because you may have to pay some or all of it back after you factor in this extra income.
Like Cat said, the 1099 form represents income that did not have any tax withheld from it, so you have to pay the full amount of the tax now.
If it was your tax preparer that told you “tough, you have to pay it” then he’s probably right. Make sure he filled everything correctly and make sure you deduct everything you can, but there is no way around paying these taxes (except maybe by dying before April 15th).
If you’re trying to say that the 1099 is for more income than you actually received and the person is telling you that’s too bad, then you certainly can demand better documentation. If the company or person is lying about what they paid you in an attempt to take a bigger deduction and reduce their own taxes, then you have a case of tax fraud on your hands and you’ve been thrust into the middle of it against your will. If that’s the case then I would consult an attorney for advice and your options or talk to a CPA about what steps you can take to get the IRS to review the situation.
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