I sat down to do my taxes yesterday and realized that every single one of the 1099's I received is at least 10% greater than my records show for each company. In fact, one company sent me two 1099's with different amounts. Both were quite a bit higher than the total of orders I completed in 2010.

Is anyone else noticing any issues?

Ryan ~

The difference might be the date they cut the check and the date you received it. If you use Quickbooks, always enter the date of the check in your payment screen. The date you deposit won't matter.

Some companies are really bad at cutting checks in late January and backdating them to December 31st so they can take the credits for the previous tax year. Their 1099 figures are date-sensitive.

Linda

It's not that. We're talking thousands of dollars here.

What you might want to do then is request the detail from each client that shows all the payments made to you and match it to your records.

Linda

I think they are required by law to send these 1099s to you by the end of January so that you can report any errors to them by the end of February.

We're now nearly at the end of March; with 1040s needing to be filed in three (3) weeks.

I check each 1099 as it comes in during January for that very reason. (My advice for next year).

Does your broker take a cut of your bpo fees? maybe they 1099'd you for the total including the brokers cut..just a thought

No.

One company responded with information that conflicts with the 1099 they sent. Gotta love it.

I this this is going to be extended well into June.

Equitrax sent me 2 different 1099's, with both amounts over 2k. I went back and checked my records, and I am only showing about 1k.

Funny, that's the company I'm talking about too!

I got 2 from one of my reo providers. There is no AMC, just straight from the bank. Neither added up to include $3500 for a CFK, so I had to declare that income in to the mix, since I 1099ed the dude I wrote the check to and since they reimbursed me.

I'm sure you got it sorted, but I just got off the phone with Equitrax.

They did send out 2, but one has a box at the top that says "corrected" and it should be checked.

As far as the dollar amount, I forgot about that BIIIIG drop equitrax has in December of 2009. They actually didnt pay those out until 2010. So thats where the higher dollar amount came from.

Old thread...


Anyone start receiving their 1099's as of yet?

None yet. But what gets me is I will probably get a 1099 from IAS for 2k plus even though I won't get paid until this year if at all.