Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I received a 1099 form from a credit card processing company…

Customer Question
I received a 1099 form...
I received a 1099 form from a credit card processing company but I am no longer associated with this business. I believe that the credit card processor had my bank account on file because I helped open this business along with the current owners. We had a joint business bank account where the funds were deposited. Can I request the 1099 form be corrected and made out to the current business owner?
Submitted: 2 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 5 minutes by:
2/19/2016
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 2 years ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,120
Experience: 35 years tax experience, including four years at a Big 4 firm.
Verified

You can ask, but unless you remove yourself from that account, their 1099 reporting is technically correct. Don't expect the lender to just remove it per your request. They might, but only if you have had your name removed from the account.

Best is to remove your name from the account, or close the account and have the new owners open an account in their interests.

Thanks for asking at just answer. Positive feedback is appreciated. I'm PDtax.

Ask Your Own Tax Question
Customer reply replied 2 years ago
Is there a deadline for 1099 forms to be edited? And if I remove myself from the bank account, will that be enough to have form changed?Supposing I cannot have 1099 form changed, how would I file seeing as I did not receive these funds?
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 2 years ago

There is no real edit or amendment deadline for 1099s. I would plan on another way to resolve this, and that is to report the 1099 income reported to you, then tell IRS to check another taxpayer for the real recipient.

Here's how we do it:

Ask Your Own Tax Question
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 2 years ago

Let's say it's a 1099-int for interest income. Open schedule B, and report the income as if it was yours. Then, on the next line, disclose the taxpayer that should report, like this:

Ask Your Own Tax Question
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 2 years ago

XYZ bank 88

Interest reportable by ***** ***** Company, ID# ***** -88

That allows you to report the number IRS expected, and takes it off your return and tells IRS who should report it.

This is the easiest solution, and we have found out very effective in our tax practice.

PDtax

Ask Your Own Tax Question
Customer reply replied 2 years ago
Thank you. How likely is this to be audited? And should the owners report the 1099 form despite it being in my name?
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 2 years ago

Audit is unlikely.

The new owners should report the item. Send them a copy of the firm to remind them.

PDtax

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask PDtax Your Own Question
PDtax
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,120
5,120 Satisfied Customers
Experience: 35 years tax experience, including four years at a Big 4 firm.

PDtax is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I see a deposit in my bank savings account from AEIS Explain
I see a deposit in my bank savings account from AEIS Explain this please … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor\u0027s Degree
3,135 satisfied customers
I'm an entrepreneur and had a business last year. But I
Hey, so I'm an entrepreneur and had a business last year … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,585 satisfied customers
I did not think I would need your advice again, but here I
Hello again, Barbara. I did not think I would need your advice again, but here I am with two questions. The first related to my mother's estate. You advised on this topic before. My late mother had a … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,634 satisfied customers
I was wondering about my self employment. I own a face
Hello, I was wondering about my self employment. I own a face painting business. The business is under a DBA and trade name, but not any structure like LLC. When I do a job I use my SSN as my business… read more
PDtax
PDtax
Certified Public Accountant (CPA)
Master's Degree
5,120 satisfied customers
Situation is joint account in usa. Mother has us citizenship
Hello. Situation is joint account in usa. Mother has us citizenship and primary holder of account daughter non resident alien with french citizenship. Interest above 10 dollar a year. What are the rep… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor\u0027s Degree
3,135 satisfied customers
In my business we pay all the contractors via Paypal. Do we
In my business we pay all the contractors via Paypal. Do we need to issue them with a 1099? Of course, this is only for contractors we paid over $600… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
47 satisfied customers
If I did not have Constructive receipt and received a 1009
If I did not have Constructive receipt and received a 1009 INT from an insurance company, should I have received a 1099. It was from penalty interest for not paying me my proper benefits, handled by o… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
47 satisfied customers
I am receiving a payment of USD$200,000 from a deal in Hong
I am receiving a payment of USD$200,000 from a deal in Hong Kong which I want to transfer to my US bank account and invest in the US after paying taxes. I was earlier in the US on a f-1 student visa a… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
At the urge of my financial adviser, I recently sent a letter
At the urge of my financial adviser, I recently sent a letter to American Funds remove a custodian from an inherited IRA of mine, as I'm no longer a minor, along with forms to move it to an account in… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I own a travel company in Costa Rica and need to be able to
I own a travel company in Costa Rica and need to be able to accept credit cards from my customers. For various reasons, I am not able to accept credit cards through a local Costa Rican bank, but I do … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My fiancé (Foreigner, not a US citizen, currently working and
My fiancé (Foreigner, not a US citizen, currently working and living in Hong Kong) and I (US citizen, working and living in the USA) would like to consolidate our bank accounts in to one US based bank… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have two bank accounts for my business, each at a different
I have two bank accounts for my business, each at a different bank, one was created when my business was a sole prop under one federal ID#, the other was created after I incorporated my business, with… read more
JKCPA
JKCPA
Certified Public Accountant (CPA)
Bachelor\u0027s Degree
1,809 satisfied customers
My client was a corporation until December 31, 2007. As of
My client was a corporation until December 31, 2007. As of January 01, 2008, he is a sole proprietorship. He neglected to change the EIN number on his bank account to the new EIN obtained from the IRS… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
I have a LLC that will be taxed as a S-corporation. I just
I have a LLC that will be taxed as a S-corporation. I just opened up a personal checking account in Illinois that I will use only for my business. I will use the checking account like a business check… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
Im sorry...my computer timed out . I am the recently appointed
I'm sorry...my computer "timed out". I am the recently appointed treasurer of our schools' PTA board. We are in the process of finding a new bank. I have been cautioned to use extra care in opening a … read more
bizmatters
bizmatters
J.D.
666 satisfied customers
Im a non US citizen resident outside the US and Im in the
I'm a non US citizen resident outside the US and I'm in the process of building an e-commerce website which will also be domiciled outside the US. I am trying to determine the impact of the US tax sys… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Im doing taxes for two people who have a joint bank
I'm doing taxes for two people who have a joint bank account. The IRS says that ownership of the income generated by the account is determined by local law. 1) What is (or how do I find) the New York … read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master\u0027s Degree
3,197 satisfied customers
I have a book keeper that writes checks for the company she ...
I have a book keeper that writes checks for the company she persoanlly transferred funds from her personal checking account in to the business account to cover checks she wrote while funds were short.… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master\u0027s Degree
2,290 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x