My business got a 1099-K form from our credit card processing company. It shows $1,024,000 in revenue for 2021. But we only had $524,000 in revenue. My bank statement deposits add up to the $524,000. Assuming I cannot get a hold of anyone at the cc company to fix this, what should I do? If we report $524,000 income on the tax return the IRS computers will see the $1,024,000 on the 1099 form. I don't want to get one of those auto generated letters from the IRS 3 years from now saying we owe tax on the phanton $500k revenue. What should I do?
