Comment
01-28-2024
12:51 PM
- edited
01-28-2024
12:52 PM
01-28-2024
12:51 PM
- edited
01-28-2024
12:52 PM
"....the total income on Schedule C exceeded the 1099 income. IRS sent a letter to the client looking for the 1099 income - which was already included"
I find that hard to believe; 4 decades of experience and I have never seen that. Now, if the income reported is LESS than the F 1099's - the IRS will reach out.
OR the F 1099's were MISC v. NEC - especially if the amount was in the wrong box - I can see the IRS questioning.
And my method isn't 'imprecise.
PTO is based on the same methodology as Lacerte.
Lacerte doesn't have (or need) the function of entering every F 1099 then transferring totals.