shouldnt be a problem. i have ins agents who are paid on commission, & they never receive their checks until the following month (mid-month), but the january amount is always included on their 1099. i just send an attachment each year showing the 1099 amount, less the amount recd in jan, but including the prev dec amount. never had a question.
lynne
Michael Clark wrote:
My client received a 1099-misc for $251,495 for 2007. He only received
$247,325. Is it IRS acceptable to report the amount actually received
as a cash basis taxpayer and attach a note explaining the difference?
IRS Circular 230 Disclosure: Unless expressly stated otherwise in this transmission, any tax advice contained herein, forwarded with or attached to this message was not and is not intended to be used, nor may it be relied upon or used, by any taxpayer for the purpose of (1) the avoidance of any tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any tax transaction or tax-related matters that may be addressed herein.
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