YIKES - Its official IRS 1099s
Members have starting receiving 1099s for cycled EPCs when they did not in fact get any money.As an example a member who had put in about $3000 got a 1099 for about a $1000 worth of EPCs that had cycled.
Funny money, at its best.
posted by steve_o @ 2/07/2006 07:37:00 PM
2 Comments:
I just received my 1099, and was wondering how I could have made over $7,000 with them last year and not realized it. Now, I think I see the picture. So, what can we do about it? Certainly not pay taxes on money we never recieved. Do we have any legal recourse?
Hey, over 12 grand of ficticious money came on my 1099. Went to my accountant and I'm taking my lumps and paying tax on 4 grand of it. I'm able to write off the 8 grand I was stupid enough to put into this program as "business expences"....yeah, right. Now I'll worry for the next few years that the IRS will see all these 1099's and the creative accounting that will go along with them and choose a few of us to audit. Hopefully I won't be one chosen. Don't know if there's any legal recourse or not.
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