Misreported Income Credit Card Processor

Home Forums Member Forum Misreported Income Credit Card Processor

Viewing 3 posts - 1 through 3 (of 3 total)
  • Author
    Posts
  • #34276
    Charles Zagara
    Participant

    New client. Hit with a personal assessment of $325,000 for 2016. Must have gotten a CP 2000 that he didn’t respond to.
    The credit card processing company issued the 1099-K under his Social Security Number. All the credit card deposits were made to the corporate bank account. I have tied the bank deposits out to the 1099-K. The 1120 has enough gross receipts to cover the credit card deposits.
    Credit card processor can’t correct the 1099-K because taxpayer switched companies and that account is now closed.
    Ia a OIC-DATL the cleanest, easiest way to handle this?

    #34366
    James Wade
    Participant

    Charles,

    I think that is probably the way to go.

    Good luck.

    Jim

    #34371
    Eric Green
    Keymaster

    Charles I agree with the OIC-DATL

Viewing 3 posts - 1 through 3 (of 3 total)
  • You must be logged in to reply to this topic.