It’s a separate form complete with nine pages of instructions outlining how to calculate market values based on region and services rendered. The formula isn’t helpful, so in the end you just put in half of what you paid and hope you don’t get audited.
IRS agent: so you put down that you received a “Cincinnati Steamer” as part of your compensation for employing this vendor.
Dude: that’s right
IRS agent: please describe what goes into a Cincinnati Steamer so I can assign it to a category or categories. Also do you happen to have her W2s and social security number?
Dude: sure, and no I don’t have her paperwork. Surprisingly she didn’t share it with me.
It’s a separate form complete with nine pages of instructions outlining how to calculate market values based on region and services rendered. The formula isn’t helpful, so in the end you just put in half of what you paid and hope you don’t get audited.
Must be an interesting audit.
IRS agent: so you put down that you received a “Cincinnati Steamer” as part of your compensation for employing this vendor.
Dude: that’s right
IRS agent: please describe what goes into a Cincinnati Steamer so I can assign it to a category or categories. Also do you happen to have her W2s and social security number?
Dude: sure, and no I don’t have her paperwork. Surprisingly she didn’t share it with me.