Anyone else get 1099 for money not recieved? - Page 3

bp-claim.com · 02-08-2012, 11:02 AM

Yeah I 2nd that I talked to the GCCF last week and all 1099's was send out by January 31 2012 and you should have it no later than 2 weeks after that.

It should be filed as other income and like Crab Man said how you write it off is up to you and your CPA but every business have expenses of course it could be written off just like any other income you make, the only difference is that this income the IRS knows about

Burnt Drag · 02-08-2012, 05:29 PM

Anyone ever hear of a "Milermore" bird? They put their head in the mud and chirp out their ass. You can hear them a Mile or more. J/K ... This payment was a settlement, and as legal settlements go, are not supposed to be taxed. It's not business income, it's a payoff to avoid the litigant, filing suit and proceeding with such. My CPA will be able to work it out, but to say that any money I get from them is taxable, is a stretch.

bp-claim.com · 02-08-2012, 07:12 PM

@Burnt

I hear what you are saying as normal hurricane money are a different animal, unfortunately this is for loss of income so its almost like "unemployment" and you have to pay taxes on that as well. I think deductions in your company is your only way out, I do think your CPA can do something with that but trying to say that its not taxable would take an act of congress.

I am just saying

Best
jacob

Rich Lacour · 02-10-2012, 04:41 PM

I am a CPA and a public insurance adjuster and have been working with GCCF claims from day 1. If you filed a claim for lost earnings and profits, all of that money is taxable. If you file a claim for property damage or one of the other categories listed on the GCCF applications, that money is likely to not be taxable.

If you are an individual, your money will be reported to you on a 1099-MISC as Other Income which is reported on page 1 of your tax return. If you are a business, you will receive a 1099-MISC with the income reported in Box 7 which is Nonemployee Compensation. In most cases this income is reported on Schedule C and taxable as self-employment income.

Brandonshobie · 02-10-2012, 07:46 PM

''Fienberg is a no good piece of sh!''. That is SO true!!!

fishn4real · 02-11-2012, 12:32 AM

If you received 1099 for money paid on your behalf to your attorney for "expenses", it is a wash. All expenses are deductible against the income. Zero taxes due. Let your cpa file the form.

J Smithers · 02-11-2012, 11:41 AM

Quote:

Originally Posted by Crab Man

My cpa is gonna make me pay on every 1099 I got, we've already been through that before. The GCCF won't talk to me because I have lawyers. The whole process is messed up if you ask me.

Sounds like you need a new CPA. If the money went to the lawyers, you report the $6,000 as income and a $6,000 expense as legal expenses. 6,000 - 6,000 = $0

Bean Counter · 02-15-2012, 07:24 AM

I am a CPA if it was a business fishn4real and J Smithers are correct. Get a new CPA if they don't deduct the attorney fees. They are expenses associated with the recovery of income and are deductible.

02-08-2012, 11:02 AM	#21
bp-claim.com Member Ruby Red Lip Join Date: Apr 2011 Location: Navarre Beach FL Posts: 45	Yeah I 2nd that I talked to the GCCF last week and all 1099's was send out by January 31 2012 and you should have it no later than 2 weeks after that. It should be filed as other income and like Crab Man said how you write it off is up to you and your CPA but every business have expenses of course it could be written off just like any other income you make, the only difference is that this income the IRS knows about __________________ Help With BP Claim and Advice http://bp-claim.com or Settlement http://bpsettlement.co Connect on FACEBOOK

02-08-2012, 07:12 PM	#23
bp-claim.com Member Ruby Red Lip Join Date: Apr 2011 Location: Navarre Beach FL Posts: 45	@Burnt I hear what you are saying as normal hurricane money are a different animal, unfortunately this is for loss of income so its almost like "unemployment" and you have to pay taxes on that as well. I think deductions in your company is your only way out, I do think your CPA can do something with that but trying to say that its not taxable would take an act of congress. I am just saying Best jacob __________________ Help With BP Claim and Advice http://bp-claim.com or Settlement http://bpsettlement.co Connect on FACEBOOK

02-10-2012, 04:41 PM	#24
Rich Lacour Member Ruby Red Lip Join Date: Sep 2008 Location: Destin Posts: 71	Taxability depends on the type of claim filed I am a CPA and a public insurance adjuster and have been working with GCCF claims from day 1. If you filed a claim for lost earnings and profits, all of that money is taxable. If you file a claim for property damage or one of the other categories listed on the GCCF applications, that money is likely to not be taxable. If you are an individual, your money will be reported to you on a 1099-MISC as Other Income which is reported on page 1 of your tax return. If you are a business, you will receive a 1099-MISC with the income reported in Box 7 which is Nonemployee Compensation. In most cases this income is reported on Schedule C and taxable as self-employment income.

02-10-2012, 07:46 PM	#25
Brandonshobie Senior Member Snapper Join Date: Aug 2009 Posts: 571	''Fienberg is a no good piece of sh!''. That is SO true!!! Last edited by Brandonshobie; 02-14-2012 at 11:22 PM.

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02-08-2012, 05:29 PM	#22
Burnt Drag Senior Member Grouper Join Date: Jun 2008 Posts: 708	Anyone ever hear of a "Milermore" bird? They put their head in the mud and chirp out their ass. You can hear them a Mile or more. J/K ... This payment was a settlement, and as legal settlements go, are not supposed to be taxed. It's not business income, it's a payoff to avoid the litigant, filing suit and proceeding with such. My CPA will be able to work it out, but to say that any money I get from them is taxable, is a stretch.

02-11-2012, 12:32 AM	#26
fishn4real Senior Member Sailfish Join Date: Sep 2007 Location: Ozark, Missouri - 6 miles from Bass Pro Shops' world headquarters. Posts: 1,361	If you received 1099 for money paid on your behalf to your attorney for "expenses", it is a wash. All expenses are deductible against the income. Zero taxes due. Let your cpa file the form.

02-15-2012, 07:24 AM	#28
Bean Counter Senior Member Mingo Join Date: Nov 2010 Location: Navarre Posts: 187	I am a CPA if it was a business fishn4real and J Smithers are correct. Get a new CPA if they don't deduct the attorney fees. They are expenses associated with the recovery of income and are deductible.

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