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Business & farm
I'm not sure how accurate that audit risk feature really is but I do know that if your taxable income is properly stated you're pretty much bullet-proof and there's really not anything the IRS can do to you.
There's always the option of simply omitting the 1099-MISC all together on your own income tax return. If the IRS picks up on the missing 1099-MISC then their first course of action should be one of those computer-generated "letters" alerting you to this and suggesting an amount that the IRS figure should be added to your taxes. You would hope that a well-written letter stating the facts of the situation and showing that the dollars were correctly reported on your S-Corp income tax return and in turn "passed through" to you to be included on your own Form 1040 would settle the matter. But one never knows.
There's always the option of simply omitting the 1099-MISC all together on your own income tax return. If the IRS picks up on the missing 1099-MISC then their first course of action should be one of those computer-generated "letters" alerting you to this and suggesting an amount that the IRS figure should be added to your taxes. You would hope that a well-written letter stating the facts of the situation and showing that the dollars were correctly reported on your S-Corp income tax return and in turn "passed through" to you to be included on your own Form 1040 would settle the matter. But one never knows.
‎June 7, 2019
3:38 PM