My wife was alloted $3,000 for her 2007 Continuing Medical Education (CME) along with her regular salary.
The question I have is "are these perks that were supposed to pay for my Wife's CME supposed to be reported as a 1099-Misc income and be subject to S/E Taxes?
Also, my wife actually received a 1099-Misc in the amount of $6,000 but it was incorrectly stated, and should have been only $3,000. This was immediately acknowledged to be an error by my Wive's manager and another corrected 1099-Misc was submitted.
I am concerned that this may trigger an audit. Should I be concerned about this this?
Lastly, how must I report this 1099-Misc Income on my Tax return? Should I should it as Schedule C item and list my wife's expenses as part of unreimbursed employee business expenses? Tks.