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I have a small business client that has year end of 3-31-09. Even though they receive a 1099 for interest they earned, I calculate and used the interest thru the March year end and basically disregard the 1099 recieved????
I have a small business client that has year end of 3-31-09. Even though they receive a 1099 for interest they earned, I calculate and used the interest thru the March year end and basically disregard the 1099 recieved????
I'd report that with a "book-to-tax" adjustment to my calculation on the tax return.
For sure, if the amount reported is less than what shows on the 1099, the client is going to get a letter.
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