Yes. Because the IRS matches Forms 1099-MISC and would send you a notice later in the year indicating that they found unreported income on your account. This would require a time-consuming explanation from you, time better spent earning more money in your business.
TurboTax gives you the ability to report income for which you have a 1099-MISC and income for which you do not have a 1099-MISC (cash or over-the-counter sales). If all of your income was transferred from QuickBooks onto one line of your business tax return, simply enter your 1099-MISC forms, then manually subtract the total out of your income amount reported by QuickBooks, so that the gross income on the tax return sums to the income from QuickBooks.
Yes. Because the IRS matches Forms 1099-MISC and would send you a notice later in the year indicating that they found unreported income on your account. This would require a time-consuming explanation from you, time better spent earning more money in your business.
TurboTax gives you the ability to report income for which you have a 1099-MISC and income for which you do not have a 1099-MISC (cash or over-the-counter sales). If all of your income was transferred from QuickBooks onto one line of your business tax return, simply enter your 1099-MISC forms, then manually subtract the total out of your income amount reported by QuickBooks, so that the gross income on the tax return sums to the income from QuickBooks.