how do i get a 1099 from offshore source?

[robaba]

What is the name of your state? RI

I did some consulting work and received a check from a corporation offshore.
I have the check and the deposit as my receipt of payment....
How do I declare this on my taxes?
I asked for a 1099 and wont be receiving one...i was told to speak to my accountant.

R

[seniorjudge]

Originally Posted by robaba

What is the name of your state? RI

I did some consulting work and received a check from a corporation offshore.
I have the check and the deposit as my receipt of payment....
How do I declare this on my taxes?
I asked for a 1099 and wont be receiving one...i was told to speak to my accountant.

R

Non-USA sources don't issue 1099s. You declare it just like you do other non-1099 income.

[robaba]

When I report the income I received from an international/offshore company that wil not give me a 1099.
Is this appropriate ?
Copy of the check/bank wire?
Bank statement? will this flag me for an audit?

Robaba in RI

[Snipes5]

You don't need to show a copy of anything. Just report the income in its proper category, ie if it is from self employment, put it on a Sch C, list expenses against it, and pay SE tax on the "profit" if applicable.

If you have questions, contact a tax pro.

Snipes

[xylene]

Originally Posted by Snipes5

You don't need to show a copy of anything. Just report the income in its proper category, ie if it is from self employment, put it on a Sch C, list expenses against it, and pay SE tax on the "profit" if applicable.

If you have questions, contact a tax pro.

Snipes

A tax pro may not even be needed, although depending on complexity and amounts it could be well advised.

THis scenario is quite common, and the IRS has a number of publications dealing with income from non-US sources.

[robaba]

what if the amount is over 10K?

[xylene]

Look, just go to an accountant.

I see you have not checked the IRS website.

You DO NOT recieve form 1099 from offshore employers.

I cannot go thru the myriad ways you might have to lessen your tax burden.

Keep good records.

I do not know your whole tax picture, but 10k is by no means beyond the capacity of a storefront place like HR or Jackson Hevitt.

It is probably something a financially savvy person could do with turbo tax IF THEY READ THE DIRECTIONS.

I cannot judge your comfort level with accounting and taxes.

I can assure you it is not unduly complex, but many US Tax filers find form 1040EZ to be over their head.

Good luck.

[LdiJ]

Originally Posted by robaba

what if the amount is over 10K?

It doesn't matter if its 100,000. You still simply report the income in the appropriate place on your return, which would be schedule C.

Honestly, if you aren't comfortable with this you simply take it to a tax professional to handle. When you make your appointment ask to have an appointment with an enrolled agent. Instead of on of the large companies, you might go to a local tax office that is open all year long. They tend to deal with a wider range of returns than the offices that are just open during the tax season.

[abezon]

I hear lots of questions about bank transactions over $10,000.

IT IS NOT ILLEGAL TO HAVE A BANK TRANSACTION OVER $10,000, WHETHER IT'S CASH OR WIRE TRANSFER.

The only thing that happens when you hit the $10,000 mark is the payment/transfer is reported to the IRS. Really, that's it. If you later file a tax return that does not show that money as income, the IRS MAY send you a polite letter asking you to verify your total income for the year. They're gonna call it an audit, but really, all they want to know is why the money wasn't income to you.