A rough estimate of a situation:
An employee took money from their employer. The employer began investigation filing claim through insurance company. Long short, employer/insurance came up with an amount of @ $150k. The employee claims the real number closer to $60k. Through investigation, the employee is found guilty of stealing @ $120k, ordered to repay/restitution and spends one year in prison.
The employer files 1099s on the employee for @ $1.2 million dollars. Obviously not a real number.
The person gets out of prison and is facing a tax bill of $500k with penalties and interest.
What would you do?
An employee took money from their employer. The employer began investigation filing claim through insurance company. Long short, employer/insurance came up with an amount of @ $150k. The employee claims the real number closer to $60k. Through investigation, the employee is found guilty of stealing @ $120k, ordered to repay/restitution and spends one year in prison.
The employer files 1099s on the employee for @ $1.2 million dollars. Obviously not a real number.
The person gets out of prison and is facing a tax bill of $500k with penalties and interest.
What would you do?
Federal Taxes: Fictitious 1099
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