Attorneys, what about 2005 1099s?

We did as they told us in 2005 and did a wash on our 2005 1099. It was for several thousand dollars.We made a tiny wage compared to the amount on the 1099. Will there be any consequences for that on the part of YMMSS STAy? Or is that just our own misfortune for believing what they told us. I thank you in advance for an answer

[YMSurvivor]

WLD is helping with civil pursuit in hopes of recovering monies lost. They will not help with tax issues (without being retained first) beyond advocating that victims report STA losses as "theft loss."

I would suggest you contact the IRS and file an amended tax return, and a Attach form IRS form 3949 with detailed documentation of "no FMV" on WAC.

Thanks YM survivor I just didnt know and you have bee most helpful

[YMSurvivor]

You're very welcome. I am not a tax professional, but I do have some experience as a small business owner. It doesn't take even that much experience to realize that the IRS is ALL ABOUT PROVING YOUR CLAIM.

If I were you, I might consider filing an extension. Hopefully by the time you're due to file your actual Return, the STA thing will have shaken loose and you will have enough information (like charges against Inman) for your CPA to handle your return accurately.

Additionally, you might want to head over to Matrixwatch for PDF's of illustrations of the YMMSS Ponzi, the Guarantee, etc. And save all your emails from YMMSS and STA. Be prepared for the IRS to grill you. We have no idea how much supporting information they will require, right? Too much is better than too little. SAVE EVERYTHING, and then some.

With any luck, very soon the IRS will be fully aware of what is REALLY going on, but whatever you do, CYA!

You are a good person. I will visit that place I heard of it but dont know much about it I feel so overwelmed currently

[YMSurvivor]

IMHO, it is quite natural for you to feel overwhelmed - and, by the way, Inman (and his ilk) are counting on it!!

Just remember, YOU ARE NOT ALONE. Matrixwatch has dedicated a special sub-forum for victims of YMMSS/STA - and it is, by far, their busiest sub-forum right now! http://www.matrixwatch.org/forums/forumdisplay.php?f=84

Here is how I filed an IRS 3949 report of STA "artificially-inflated" 1099s.
STA TAX FRAUD - COMPLAINT TO IRS

It is VERY easy to file a complaint with the FBI here, http://www.ic3.gov/. You can keep adding to your complaint if you don't "get it right" the first time, and they work to distribute your complaint to the appropriate authorities.

We have strength in numbers, so keep your chin up, and don't forget to breathe! LOL