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Insula Research WTF????!!!!!!

January 11, 2012 10:53PM
Never had this one happen before.

Last year (well 2010) I didn't do much for Insula. I was paid $650 by them. However they reported that I was paid $65,000.

I got a letter from the IRS today.

It seems I owe them $29,000.
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More Discussions About Insula Research (All Companies)
January 11, 2012 11:11PM
Have you fired off an email to Insula yet asking for the other $64,350? They need to generate a corrected 1099 for you.
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January 11, 2012 11:14PM
Weird thing though is that the 1099 that I used to prepare my taxes showed the correct amount.

I have until Feb 8th to get it taken care of. Not sure if I should just send in my 1099 or contact HR Block since they did my taxes last year.
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January 11, 2012 11:37PM
If Block did your taxes, put it in their hands!
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January 12, 2012 12:48AM
Agree with Flash, wholeheartedly. Went through a similar thing last year, though the discrepancy wasn't nearly what you cited! My accountant made it go away much more quickly and adeptly than I ever could have. He speaks their language, I don't.
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January 12, 2012 01:12PM
lisams901 Wrote:
-------------------------------------------------------
> Never had this one happen before.
>
> Last year (well 2010) I didn't do much for Insula.
> I was paid $650 by them. However they reported
> that I was paid $65,000.
>
> I got a letter from the IRS today.
>
> It seems I owe them $29,000.

maybe they could just send you a check for the remaining $64,350, and you could pay the $29,000 out of that. just ask them to cut you a check. then all is well. everybody's happy.
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January 12, 2012 08:10PM
Make two calls - one to H&R Block and one to Insula to ask them to check their records. Seems to me that the 1099 you received from Insula would be identical to the one the IRS gets (which would mean the IRS made the mistake), but H&R Block would know for sure.
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January 17, 2012 09:47AM
Believe it or not, cutting the budget of the Internal Revenue Service is actually a bad idea. The agency has fewer resources to work with, making it that much tougher to work with taxpayers. The IRS has few fans. Though a lot of people do not realize it at first, the political expediency of cutting the IRS budget is coming back to bite taxpayers where it hurts. Source for this article: IRS budget cuts costing taxpayers.
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