L
Lance Corperal
Guest
I was a member in a LLC. (24%) The managing member issued a K1 and a 1099 (for the 1998 tax year), how can this happen? As a legal member in a LLC, shouldn't I have been issued a K1 only? I did not receive any income besides that determined on the K1 and yet the 1099 shows that I received the same amount as a non employee. The thing that concerns me is that the IRS has determined that the 1099( which I never received) indicates a value of income of which no taxes have been paid and the IRS is asking me to pay the taxes. Should the managing member notify the IRS of the error and retract the 1099?
Your help is greatly appreciated.
Lance
Your help is greatly appreciated.
Lance