Welcome Guest. Register Now!  


For 2013 Tax Tips For Year 2013.


 
 
LinkBack Thread Tools Search this Thread Display Modes
Prev Previous Post   Next Post Next
  #1 (permalink)  
Old 07-06-2013, 05:41 PM
Junior Member
 
Join Date: Jul 2013
Posts: 2
1099 misc and LLC's

Hi All,
New here so I ask for a bit of patience. Your responses to questions from others has helped me greatly.

On point then:

My son and I are floor installers. We are both officers in an LLC that we formed together. We are the only members of the LLC. Our LLC is registered with the state of Minnesota and has a registered EIN with the IRS. My son is registered as the senior officer.
We received four 1099 misc forms for sub-contract work we performed in 2011 from four different companies.
Some of the work we performed together and some individually.
As such we decided to split the 1099's in half. Two for him and two for me. We filed our personal 1040's using the income from the 1099 misc forms.

I received notification from the IRS that my son's income was not associated to the two 1099 misc forms that we used for his part of the earnings of our LLC.
Instead it is their understanding that I failed to include the two 1099's used by my son as my income. They apparently have not associated these two 1099's to his income.
The IRS would like the subsequent tax/penalty/interest on this so called undeclared amount which at this writing is $10,991.

My dilemma is how to respond to the IRS. Is there a form that I should include in my response?
I have to respond by 7/31/13.
As it is I intend to lay out the explanation much as I have here.

Any help or insights you have will be greatly appreciated.
Thanks much.
Cliff



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
 


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Gifting to Fraternities and Sororities from LLC's jleine02 Limited Liability Company 1 02-12-2011 12:53 AM
LLC's and Partnerships extended Tax due date NANCY Head Limited Liability Company 1 08-31-2009 07:13 PM
LLC's In Canada maverick Limited Liability Company 0 04-05-2008 04:24 PM
What are the advantages of LLC's over S Corporations? Leah Limited Liability Company 1 04-05-2007 10:48 AM
How are LLC's taxed in New Jersey State? TaxGuru Limited Liability Company 1 03-26-2007 06:53 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.