I Owe $29,000 for My Brother’s Business… What Can I Do?
From Tax Relief with Logan Allec, CPA · 8:08
Show by Logan Allec
A viewer opened a Square account in their own name for their brother’s business. Now they have an IRS letter saying they owe $29,000. Can they show the income belonged to their brother?In this video, I explain why a Form 1099-K issued under your name can create an IRS income-matching problem, why the exact notice matters, and how the next steps can differ between a CP2000 response and audit reconsideration after tax has been assessed. I also discuss nominee income and the records that could help support the explanation.Owe the IRS or your state at least $10,000 in back taxes, or have multiple years of tax returns you need to file? You qualify for a free consultation with Choice Tax Relief:https://choicetaxrelief.com/free-tax-...Call 866-8000-TAX (866-8000-829).CHAPTERS00:00 A $29,000 IRS letter over a brother’s business01:04 Opening a Square account for someone else01:53 Why the 1099-K points to you02:22 Which IRS notice did you receive?03:42 Responding to a CP2000 with documentation04:17 If the tax is already assessed: audit reconsideration04:51 Amended returns and nominee income06:16 Records that could support your explanation06:53 When family members use your name07:34 Free tax relief consultationWATCH NEXTThe NEW IRS Notice CP2000 Explained: What It Is and How to Respond • The NEW IRS Notice CP2000 Explained: What ... Audit Reconsideration May Be in Order Here...IRS Used $0 Cost Basis! • Audit Reconsideration May Be in Order Here... The exact notice, deadlines, and supporting records matter. This video discusses a viewer’s situation for general educational purposes and does not establish that any particular response will eliminate a tax bill.#TaxDebt #1099K #IRS
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