PDA

View Full Version : Customer asks for my social security #


williams lcm
02-23-2010, 05:47 PM
I have maintained a lot for a small consruction company for about 4years now. They have never ask for my tax id # or SSN# number until now. They want to put it on their 1099. Why now after all these years?

punt66
02-23-2010, 05:49 PM
new accountant?

williams lcm
02-23-2010, 05:55 PM
No, same lady that owns the business does the book work. No change on that part

Landscraper1
02-23-2010, 05:56 PM
I wouldn't worry about it. You have a Tax ID # for a reason, give it to them. Now if you don't have an ID # then , you might have to give your SSN#. Punt66 might be right about the new accountant. I have someone doing my bookkeeping but, when it comes to do our taxes, it goes to an accountant.
Have to make sure your giving in to Uncle Sam.:usflag:

johnnybravo8802
02-23-2010, 05:57 PM
Same thing happened to me because of auditing. The government is sucking all they can out of us.

indy2tall
02-23-2010, 06:04 PM
Perhaps this is the first year they have given you a 1099?

dwlah
02-23-2010, 06:18 PM
Most likely its for a 1099 for the end of the year
I had a couple of businesses ask for mine the first year I started with them
Filled out a W9 for them
I wouldnt worry about it

RCSindiana
02-23-2010, 06:21 PM
1099 are supposed to be mailed out no later than Jan. 31

punt66
02-23-2010, 06:28 PM
1099 are supposed to be mailed out no later than Jan. 31


yup, i am sure its for 2010 tax year.

RCSindiana
02-23-2010, 06:43 PM
Well like it was said earlier. Just give them what they want. Speaking from past experience:hammerhead: Whatever is deposited in your bank accounts the IRS will count as income if you are ever audited. If you say sell a mower or your mom loans you 1000 bucks. Keep a note or proof of it because they will count it as income and tax you on it during the audit. And make sure you always claim ATLEAST what is turned in against you on 1099's. That is a guaranteed audit. One year I received a 1099 for 745.00 from a company. The IRS however had it down as 74500.00 It took me years to straighten it out and of course it cost me about 5k through the audit.

rinker26
02-23-2010, 07:09 PM
i think they should keep their crap to themselves.i hate the irs.would like to do bad things to them but probably shouldnt go into that unless i want the fbi at my door in an hour.

JayD
02-23-2010, 08:12 PM
TOO LATE! Dont look now, here they come....

Turf Commando
02-23-2010, 08:40 PM
Your a business expense to them. All my commercial accounts send me a 1099 welcome to the real world of business ...

LouisianaLawnboy
02-24-2010, 12:18 AM
If you run an LLC no reason to give them your SS number, but if not it must be so Uncle Obama can cut your taxes.

Richard Martin
02-24-2010, 05:22 AM
There's nothing unusual about it. The only time you would not give it upon request is if you're trying to hid the income. Just don't count it as income for tax purposes until you actually receive the 1099..

MarcSmith
02-24-2010, 07:08 AM
There's nothing unusual about it. The only time you would not give it upon request is if you're trying to hid the income. Just don't count it as income for tax purposes until you actually receive the 1099..
Actually I would not wait until you receive the 1099 to claim it. then you might have to refile which can cost your more money... I had a company that 1099 me and the 1099 came near the end of march. but I had already sent everything in to the accountant which included the amount I made on that job. In the end it shouldn't matter, if you are doing a good job estimating your quarterly payments you've already accounted for it...more or less

Richard Martin
02-24-2010, 07:19 AM
Actually I would not wait until you receive the 1099 to claim it. then you might have to refile which can cost your more money...

I might not have worded my thoughts correctly. I didn't want him to keep it on his regular books and then accidentally count it as income again when the 1099 comes in. That was my intent. You can count it on both your P&L and your balance sheet but just make sure you don't count it twice.

MarcSmith
02-24-2010, 07:48 AM
I might not have worded my thoughts correctly. I didn't want him to keep it on his regular books and then accidentally count it as income again when the 1099 comes in. That was my intent. You can count it on both your P&L and your balance sheet but just make sure you don't count it twice.
type what you mean dammit....:)

I used Qb pro and all deposits (cash and check)got put into the program so when I did my PL statements I did not concern myself with the 1099s, sicne I had already accounted for the income as the checks came in... but yeah, you don't want to double up like that...

KeystoneLawn&Landscaping
02-24-2010, 12:48 PM
Well like it was said earlier. Just give them what they want. Speaking from past experience:hammerhead: Whatever is deposited in your bank accounts the IRS will count as income if you are ever audited. If you say sell a mower or your mom loans you 1000 bucks. Keep a note or proof of it because they will count it as income and tax you on it during the audit. And make sure you always claim ATLEAST what is turned in against you on 1099's. That is a guaranteed audit. One year I received a 1099 for 745.00 from a company. The IRS however had it down as 74500.00 It took me years to straighten it out and of course it cost me about 5k through the audit.

If you sell a mower that was part of the business, then that money is income. You took it as a expense when you bought it, then any money back when sold is income.

topsites
02-24-2010, 04:59 PM
You need to speak to your CPA about this.

WheatBookkeeping
04-28-2011, 06:29 PM
If this is the first 1099 that your business has ever received you may not yet know that itís unlikely that youíll ever receive a 1099 with a blank ďRECIPIENTíS identification NumberĒ

For some reason, after four years, your customer is now considering you deserving of a 1099. One reason might be that, in the past, you hadnít crossed the annual threshold, or they found an oversight during and audit, or they are just now improving their bookkeeping act. It could be any number of reasons, what matters is that itís OK to give them your number and that everything is on the Up-and-up.

Make sure the customer request the number by having you fill out a W-9. If they donít give you a W-9 to fill out, you can print one off the internet, fill it out, and give it to them.