Quote:
Originally Posted by Dandor
I know many "tax professionals" that tell people no 1099-K form, don't worry about it. Just because you hire a tax professional, it doesn't stop an audit from happening. From my experience there is a chance that your tax professional just swept this income under the rug and it is nowhere to be found in a Schedule D or Schedule C.
|
If they do that (ignore and sweep a 1099-K form you did receive, under the rug) without discussing it with you and/or explaining why, you may need to start looking for a new tax professional.
On the other hand, if someone didn't get a 1099-K form, I'd need to know more info before criticizing a tax profession for telling them not to worry about it. For example, what if the tax professional was told by the taxpayer that they really didn't make any money on the cards they sold, or that they lost money. If that is the case, adding the info onto the return likely isn't going to result in any more tax due. But not putting it into the return could save them some tax prep fees. And since the preparer was told there was no 1099-K received, the government probably didn't get one either, and therefore wouldn't be be looking for it on the return. I can see a tax professional telling someone not to worry about not getting a 1099-K form in that case.