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Posted by kkallmes on February 12, 2007, 12:23 am
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I sold shares in an S-corp, but the person who bought the
shares never notified the government so I never received a
1099. What should my next step be? Is it illegal and/or
unethical to leave this income ($6500) off of my tax return?
Thanks
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Posted by Phil Marti on February 13, 2007, 1:49 am
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> I sold shares in an S-corp, but the person who bought the
> shares never notified the government so I never received a
> 1099. What should my next step be?
You report the sale on Schedule D of the 1040.
> Is it illegal and/or unethical to leave this income ($6500)
> off of my tax return?
Yes.
--
Phil Marti
Clarksburg, MD
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
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<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
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<< Copyright (2006) - All rights reserved. >>
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Posted by Benjamin Yazersky CPA on February 13, 2007, 1:49 am
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> I sold shares in an S-corp, but the person who bought the
> shares never notified the government so I never received a
> 1099. What should my next step be? Is it illegal and/or
> unethical to leave this income ($6500) off of my tax return?
sale of S corp shares does not require a 1099 to be issued
you should check with your CPA & attorney to see if there
are any other filings required
___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] >>>
-----> real address on hobokeni or hobokenx <-----
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Rich Carreiro on February 13, 2007, 1:49 am
Please log in for more thread options kkallmes@gmail.com writes:
> I sold shares in an S-corp, but the person who bought the
> shares never notified the government so I never received a
> 1099. What should my next step be?
To report the sale on your tax return.
> Is it illegal and/or unethical to leave this income ($6500)
> off of my tax return?
Yes to both.
The failure to receive a 1099 does *not* relieve you of
your obligation to report the income. It only makes it
harder for the IRS to catch you if you cheat.
--
Rich Carreiro rlcarr@animato.arlington.ma.us
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Seth Breidbart on February 13, 2007, 1:49 am
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> I sold shares in an S-corp, but the person who bought the
> shares never notified the government so I never received a
> 1099.
The government doesn't issue those. A buyer doesn't have to
either.
> What should my next step be? Is it illegal and/or
> unethical to leave this income ($6500) off of my tax return?
Your next step is to pay the appropriate tax (the shares are
probably capital gain). Not paying is illegal.
(Or do you mean that the S corp allocated you $6500 that it
should have allocated to him because he owned the shares?
In that case, you don't include it, and try to get the S
corp to correct the documents it sent you.)
Seth
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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