Never too old to learn!

[meoleson]

I just found out today that a person is never too old to learn.  I have been doing taxes for 53 years and I had a couple come in today, he with a job and a gig job doing E-Bay, her an accountant.  She informed me that since E-Bay had not sent them a 1099 that there was no need to report the income.  I asked if they had any proof of that statement?  Her reply was I am an accountant and I know that to be correct.  We discussed the issue for 10 minutes.  I replied that at the end of my career I was a Treasurer of a publicly held company and this is the 53rd year of doing income taxes.  Finally, I said, tell you what we will do, a retired IRS agent that I saw every other year for a company checkup due to the fact we were the largest publicly held employer in town lives down the street and let's have him review your return.  If filed the way you want, I am sure he still has contacts that would like love to review your records.  She kind of changed her mind so I really don't know if I have been wrong all of these years.  As far as the mini audits he figured out I always left a few hundred dollars for him to collect, and the general ledger was opened to that account ready for him in the audit office.    

[dascpa]

I get one 1099 every year from my credit card company.  Does this mean I only have to report that and not the checks, Zelle, Intuit Payment Network, etc. revenue since I didn't receive a 1099?  I like it!!!

[linda2]

53 Years--Wow!!

[IRonMaN]

I think I am just going to stop cranking out a W-2 for myself.  Under that theory, no W-2 means no income, right?

[meoleson]

Now you've got the idea!  Would have sent them packing right away but I was in one of those moods and had a few minutes to kill and my consulting fees are higher than brain dead data entry fees?  

[qbteachmt]

Wow. Wonder how she will react when the new 1099-K reporting kicks in? "What? You mean I have to report this piddly amount?" There's an accountant that would not be getting any referrals...