Informa Research

Anyone else get a 1099 from these guys indicating they made twice as much as they really did? I made $315 with them last year (before bonuses) and they sent me a 1099 for $625 with a cover letter saying they would submit it to the IRS if I didn't challenge it by the 18th. Sounds like they are taking a shot.

Between this and their losing their banking client, something stinks on ice.

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I didn't work enough for them that even doubled would provide a 1099. Keep in mind that a 1099 is what they PAID you in 2010, not what you EARNED in 2010. Did you by any chance do a lot of work for them at the end of 2009 that was not paid until 2010? (I recognize that your large amount is unlikely, but none of my 1099s match up simply because of being paid in 2010 for 2009 work and not being paid for some 2010 work until 2011.)
All of my shops for 2009 and 2010 combined add up to less than they are claiming I was paid in 2010.

Edited 1 time(s). Last edit at 02/04/2011 02:49AM by tgb.
Good luck if you have to contact their accountant. I like their schedulers, Tiffany is my most usual, and she is awesome. She answers immediately when I e-mail for anything. But if you ever have a problem - and I have had a payment issue twice - you will be told you must contact their accountant - Tanya, who doesn't respond. I just got paid last week for a shop done September 8th. Once I got a response from the accountant about my missing check, it did not take that long to have a check issued and mailed to me, but getting the response was really a bummer. BOTH times.
Maybe it was just good timing, but I had to contact them about a payment issue (nothing as severe as an incorrect 1099!). Tanya responded almost immediately, and the issue was resolved within a couple of days.

Good luck with the correction, tgb. Perhaps I'm being naive, but my initial instinct is that it was an honest mistake.
Yes, I agree on the honest mistake. I don't really see what a company would gain by reporting that they paid a higher amount to either an IC or an employee. But, yes, you do need to take care of it. If what you report and what they send to the IRS doesn't match, it will put you on the IRS radar. While I do everything as absolutely perfect as I can and report all income, whether I receive a W-2 or not, I prefer to fly under the IRS radar.
I have had similar things happen with other companies. It is so common that the IRS instruction actually tell you to just attach a note if the amount you declare is less than the amount shown on your 1099s. The company has a deadline for getting a corrected 1099 to you, so it is understandable that you are told that you must reply within a certain timeframe. The tax form will also ask if any of the 1099s one which you have based your return are "amended."

Based in MD, near DC
Shopping from the Carolinas to New York
Have video cam; will travel

Poor customer service? Don't get mad; get video.
What they have to gain is that their payments to IC's are deductable as "contract labor". And given what I've made with them since day one, they shouldn't be generating a 1099 at all.
I hear what you are saying about the possibility of gain, but bad things happen to those who misrepresent, especially when you are dealing with federal requirements and IRS. The possibility that a company would take the risk of possible federal investigation over a couple of hundred dollars would be incredible. Remember the old adage: "Don't be too hasty, what may seem like sabotage or deliberate misinformation is most often simple incompetence." Having dealt with Informa's very-slow-to-respond accountant and the vague references to "checking with corporate" leads me to believe their right hand may not know what their left hand is doing.

Not a bad company to work with - as I said my scheduler is awesome - but when problems happen, it has been my experience twice that they do not handle the problem quickly or well.
The reason my instinct is to believe it's a mistake is based on my experience with the company, and what walesmaven said. The time frame in which one can dispute a 1099 is standard practice.

That said, this is sloppy and shouldn't have happened. Given the nature of most of this company's business, it's also an unfortunate irony. Sorry you have to go through this, and I certainly hope it's an isolated event. Please let us know how it turns out.
Informa used an outside source for the 1099's and apparently did not check them. I received a 1099 with a $40,000 income. They are aware of the fact and corrected 1099's must go out.
I received my corrected 1099 from informa today. I just hope I don't have any problems with the IRS. I have another company that put reimbursements on the 1099 and will not change it.
I got a goofy one too. But I only earned 29 thousand and something dollars!I called at once but haven't gotten a call back, just the opportunity to leave a message!
Tanya is pretty cool. I like her 'cause she laughs at my jokes and gets back to me, in fact we've played tag a few times.
I would not stress about the IRS reaction to you having a corrected 1099. There is even a place to state that it is corrected on their form, because they don't want to waste their time (and our tax dollars) chasing discrepancies that were created by original 1099s that were incorrect. Oddly enough, the IRS has actually done a lot of "cost/benefit" analysis concerning what issues or "clues" it will or will not pursue, and folks like us are way, way, down their priority lists!

Based in MD, near DC
Shopping from the Carolinas to New York
Have video cam; will travel

Poor customer service? Don't get mad; get video.
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