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

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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
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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: 5,037
Experience: 35 years tax experience, including four years at a Big 4 firm.
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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.

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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:

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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:

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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

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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

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PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
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