Mr Rice...Tax Issues

Mr Rice will talk about tax issues,trusts banking and much more.....Listen and Learn

https://youtu.be/B4giHRxuYdU

http://www.weissparis.com/correcting1099s.html

TAX CLASS 5: ESTATE TAX FORM

Subject: Your "NAME" is the (ESTATE-706 form) & (GIFT-709 form)!

Correcting to Tax Class 5 forms, per Internal Revenue Manual “IRM” 6209, Section 2!

A Tax Class 5 form is an information return generally filled out by a payor (private-sector employer or contractor) and sent to the Internal Revenue Service. Among the most recognizable and pertinent Tax Class 5 forms include forms 1099, W-2 and W-4.

These forms include the name and address of the payor (employer), but no single person ever signs it, and thus, naturally, there is no penalty for filing an incorrect form. Please note that there is no liability placed on the payor (private-sector employer) to ensure the information is accurate, as no one has to sign it under penalties of perjury.

So, in real terms, the IRS simply accepts any Form 1099/W-2/W-4 it deems to be authentic and uses that data to assume the payee (employee) is a U.S Taxpayer and has taxable income. There is no verification process it’s simply a piece of paper created by an anonymous person making unverifiable statements and are accepted by the receiver as if it were a fact without liability for incorrect information.