Ed" <confidential[at]spam.com> wrote:

- quote -

Even though you don't have the envelope (which would have
been excellent evidence) you still can claim the income on
your 2006 return. It is a well established principle that a
1099 is only a presemtion of the facts. If I were your
accountant, I would advise you to exclude the amount from
2005 and report only those commissions actually received
(including any carried over from 2004.)

As I've said in other posts, Jeopardy did this to one of my
clients about 10 years ago. A show taped in September and
broadcast in October had him on for 4 days and he won about
$35,000. Jeopardy wrote him a check dated in late December
but mailed it on January 6. As a result, the winnings were
reported on the first year 1099. We did not report it that
way and never had a problem with IRS.

Further, it is common for Schedule C filers to have
differences like these every year.

Don't pay any more tax than required and not any sooner than
necessary

Lanny K. Williams, CPA
Nawarat, Williams & Co., Ltd.
Income Tax Services for Expatriate Americans

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

As a small business owner (Real Estate Agent) I receive
income in large, irregular chunks.

I received one of those chunks on Jan 4 2006 and deposited
in my bank account on Jan 6 2006, however the payer dated
the check Dec 12 and reported the payment in a 2005 1099.

Because the 1099 didn't arrive until mid Feb, I
substantially underpaid my estimated taxes for 2005 and now
will need to pay a penalty

Question: Obviously I have to report all income that shows
on the 1099, but is their some way to reflect that it
legitimately was 2006 income and not 2005 income short of
having the customer send out a new 1099? Unfortunately I
did not foresee this problem and did not save the postmarked
envelope.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >