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Message
OT Accountants - 1099 MISC doesn't match up
Posted on 2/7/17 at 3:34 pm
Posted on 2/7/17 at 3:34 pm
I received a 1099 MISC from one of my clients (I own a consulting business) and they have reported paying me ~$1,000 more than my records show for last year. This number includes salary payments (I charge them by the hour) and travel expense reimbursements. I have invoice, expense report and deposit records to support what I was paid so I know my numbers are correct.
Should I:
1. Just claim income for what I was paid regardless of what they reported on the 1099?
2. Suck it up and claim the extra to avoid potential IRS issues?
3. Go to battle with the accounting department of this large corporation that puts food on my table. Damn the potential that I will lose the work?
BTW, does this mean that this 100 million dollar company can't do simple accounting or is someone slowly stealing from them a couple of thousand at a time?*
*They use lots of individual consultants like me.
Should I:
1. Just claim income for what I was paid regardless of what they reported on the 1099?
2. Suck it up and claim the extra to avoid potential IRS issues?
3. Go to battle with the accounting department of this large corporation that puts food on my table. Damn the potential that I will lose the work?
BTW, does this mean that this 100 million dollar company can't do simple accounting or is someone slowly stealing from them a couple of thousand at a time?*
*They use lots of individual consultants like me.
10
Posted on 2/7/17 at 3:36 pm to jbgleason
quote:
BTW, does this mean that this 100 million dollar company can't do simple accounting or is someone slowly stealing from them a couple of thousand at a time?*
Damn it, I must have misplaced a decimal point.. I always do that.
Posted on 2/7/17 at 3:36 pm to jbgleason
Or maybe just contact the corporation's accounting department and politely ask them to review the amount of the 1099 with you because their numbers and your numbers don't match up 
Posted on 2/7/17 at 3:39 pm to jbgleason
Contact the company. It might not be that big of a fight; corrected 1099s aren't that big of a deal.
Worst case report the gross revenue but claim an offsetting expense that gets you to the right net number. That way the IRS records match what you reported.
But yeah just contact the company. Who knows they might be right?
Worst case report the gross revenue but claim an offsetting expense that gets you to the right net number. That way the IRS records match what you reported.
But yeah just contact the company. Who knows they might be right?
This post was edited on 2/7/17 at 3:41 pm
Posted on 2/7/17 at 3:40 pm to jbgleason
Why are you asking the OT how to do your job?
Posted on 2/7/17 at 3:40 pm to Tiger Prawn
quote:
Or maybe just contact the corporation's accounting department and politely ask them to review the amount of the 1099 with you because their numbers and your numbers don't match up
Obviously that would be the answer if it wasn't for the weird corporate culture of this place. They are damn Yankees in CT and every interaction with HQ turns into a cluster. They don't want to see or hear from people in the field. Including their own folks. My direct contact is in TX and he tells me to never call there or email without going through him. He tries to stay off the radar as much as possible too.
Posted on 2/7/17 at 3:40 pm to jbgleason
Happens a lot. We forward our vendor's to A/P to have corrected. Not a big deal at all and they are used to it.
Posted on 2/7/17 at 3:41 pm to drexyl
Might not turn out too well for you
Posted on 2/7/17 at 3:41 pm to jbgleason
quote:I think you found your thief
My direct contact is in TX and he tells me to never call there or email without going through him.
Posted on 2/7/17 at 3:43 pm to drexyl
Posted on 2/7/17 at 3:55 pm to jbgleason
Couldn't they just have made an error? Or you made an error somewhere? Doesn't seem like a huge deal to try to verify records with their accounting department and try to reconcile the difference. Don't see how this would do anything to hurt the relationship. People are human. Mistakes get made.
Posted on 2/7/17 at 4:15 pm to jbgleason
quote:
I have invoice, expense report and deposit records to support what I was paid so I know my numbers are correct.
Contact their Accounting Department and let them know you have a discrepancy. Send them all of your records and politely ask them to let you know where the discrepancy is. They either get lazy and adjust their numbers or they do your work for you.
quote:
BTW, does this mean that this 100 million dollar company can't do simple accounting or is someone slowly stealing from them a couple of thousand at a time?*
One thing this field has taught me in my short amount of experience is to never assume the person you are dealing with is capable of doing their job. If it's not your mistake, it is probably something they forgot to issue a credit or something along those lines.
Posted on 2/7/17 at 4:20 pm to jbgleason
try and have it corrected it, if not just expense the extra $1,000
Posted on 2/7/17 at 4:30 pm to jbgleason
Did you receive a check a couple of days after the new year? If they cut a check on Dec 31, they will count it towards 2016 even if you don't get it until 2017.
How do you file? If you are a Schedule C, I would try to get it corrected, or report the 1099 amount and put in a miscellaneous timing expense for the difference.
If you are not a Schedule C, I would not worry about it.
How do you file? If you are a Schedule C, I would try to get it corrected, or report the 1099 amount and put in a miscellaneous timing expense for the difference.
If you are not a Schedule C, I would not worry about it.
Posted on 2/7/17 at 4:38 pm to jbgleason
You need to get them to fix the 1099, or better yet, create an invoice to true up to the $1000 extra they said they paid you. They won't have an invoice paid for that amount so they will likely write a check
Don't do the second part. That was a joke. Just get them to fix it, you won't be "going to battle", you are just trying to get your number correct. Sounds like you already have paper support for the correct amount.
Don't ever pay the government for money you didn't earn.
Don't do the second part. That was a joke. Just get them to fix it, you won't be "going to battle", you are just trying to get your number correct. Sounds like you already have paper support for the correct amount.
Don't ever pay the government for money you didn't earn.
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