Posted by pat/WA on 2/28/10 3:31pm
Msg #324667
1099 from 2008
Did anyone else receive a corrected 1099 for 2008 frp First American Title in Rancho Cucamonga CA? The letter with it came for First American Title Chancellorsville, Tallahassee, FL. We did and there was a significant difference.
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Reply by John_NorCal on 2/28/10 4:44pm
Msg #324677
Didn't receive one but speaking as a tax professional, your obligation would be to file an amended return (a 1040X) I hoped the difference is in your favor! 
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Reply by Doris_CO on 3/1/10 11:03am
Msg #324761
I don't understand why their obligation is to file an amended tax return. If their tax return is based on their record of income received then it wouldn't matter what the 1099 would state. I would probably be calling someone to find out why the amended 1099 was sent and then I'd be checking the amount on the 1099 compared to what my record shows, keeping in mind that a company includes an amount when the check is cut and not when I receive it. So, if a company cut a check at the end of 2008 but I didn't receive it until Jan. of 2009, it will be included in my 2009 income.
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Reply by TRG_wy on 2/28/10 4:50pm
Msg #324678
I received one too.
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Reply by Shoshana/AZ on 2/28/10 4:52pm
Msg #324679
If you claim everything, it shouldn't make a difference.
I always claim all my notary income. It's always more than the 1099s I receive.
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Reply by Jim/AL on 3/1/10 10:51am
Msg #324759
Yep, got it. Trashed it. Claimed already. n/m
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Reply by Sylvia_FL on 2/28/10 5:33pm
Msg #324688
Think they are the ones who sent me a request for a W9. Said they needed an updated one. Since I haven't done signings in a few years I ignored it.
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Reply by Allison_MI on 2/28/10 6:08pm
Msg #324697
yep I got one too
I'm not refiling anything. It was a 35 dollar difference.
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Reply by pat/WA on 2/28/10 6:40pm
Msg #324703
Re: yep I got one too
Ours was a $2300 difference. So, we are refiling. We haven't worked for them for a year. But, Learned a valuable lesson from this. We will have to pay our CPA, interest and penalty.
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Reply by John_NorCal on 2/28/10 7:42pm
Msg #324707
Sorry about that....
Ask your CPA to request an abatement of penalties, IRS has done that. It's a matter of bookkeeping, I learned from experience. Years ago I actually forgot about a 1099 I received for $19,000. I ended up paying the penalties and interest as it was negligence on my part, my bookkeeping has since improved 1000%! :0
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Reply by desktopfull on 3/1/10 12:31am
Msg #324727
Re: yep I got one too
Does the corrected 1099 match your records? I've had 3 with errors this year alone and requested for them to be corrected. They were showing much more than I actually received.
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Reply by bob/IA on 3/1/10 9:12am
Msg #324743
Re: yep I got one too
In that case I might suspect the company issuing the 1099 might be trying to avoid paying taxes on some of their income by falsely showing expenses. I would report this to the IRS. They probably think most notaries will just assume the 1099 is correct and not check it.
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Reply by Carolyn Bodley on 3/1/10 10:41am
Msg #324757
Re: yep I got one too
$2,300 is not like $23.00 or $230.00 -- did you verify the original 1099 at all against your own records? Do you even keep your own records so at any given time you know *exactly* and to the penny what you have billed out and what you have received? If not, you're just as much at fault in this picture as the company issuing the 1099.
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Reply by HKT_TX on 3/1/10 3:26pm
Msg #324794
I got one, but I claim my income based on my records, not based on the 1099's I receive. If your income was reported correctly there is no reason to amend your tax return. The corrected 1099 I received is a very small part of my income, but I guess if it was a considerable amount, I would check it against my records, just to be sure they are not reporting incorrectly.
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