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Misreported Income Credit Card Processor

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  • September 24, 2019 at 4:17 pm #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?

    September 26, 2019 at 6:26 am #34366
    James Wade
    Participant

    Charles,

    I think that is probably the way to go.

    Good luck.

    Jim

    September 26, 2019 at 7:35 am #34371
    Eric Green
    Keymaster

    Charles I agree with the OIC-DATL

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