want to know if money receieved is income or loan
2006-08-04 08:13:16 · 2 answers · asked by grypatch 1 in Business & Finance ➔ Taxes ➔ United States
money reciecived was a draw now irs says its payment for sevices rendered
2006-08-04 08:16:06 · update #1
How was the money reported to you? I mean did your employer send you a W-2, a 1099 misc or what?
2006-08-04 14:45:08 · answer #1 · answered by ami 3 · 0⤊ 0⤋
If the IRS is questioning it then you need to seek legal aid. Did somebody else prepare your taxes? They may be legally responsible to defend you. I am wondering what you mean by "a draw." It is possible that somebody that was helping you out with a loan wrote you into their business books as a petty cash payment for services rendered. In which case they will have to prove what service was rendered etc.
2006-08-04 15:50:45 · answer #2 · answered by psycho-cook 4 · 0⤊ 0⤋