Question

ok... I am a loan officer and I have done aloan for a person that is W''2 as a truck driver..... the confusing part is that the truck driver got paid on a 1099 basis for some of his work.Mainly so that he did not have to pay taxes up front and also the employeer did not have to pay the employeer tax. When we did his loan, because he did not show enough income W2''d for 2007, a verification of employment form was sent to the employeer to fill out to give my client credit for all income that he earned.I amsa alittle worried becasue I am not confident that my client will file his 1099 to try and save money. MY CONCERN..... is that he will get a 4506T run on him and he will not show ALL HIS INCOME REPORTED for 2007. I personally did nothing wrong but I am paranoid nonetheless


Sowhat is my personal exposure if this customer has a 4506T run on him.....

And here is another confusing part..... he filed his taxes for 2007 using just his W2 income.... I told him that he needs to file an addendum for 2007 and that he need to show all income both W2 and 1009..... Was I correct in suggesting this to him when he asked??

Edited by XXXXXXX on 3/17/2008 at 11:53 PM