Farmers Insurance Agent Subsidy October 04, 2007 06:39PM |
Re: Farmers Insurance Agent Subsidy October 04, 2007 08:19PM |
Admin Registered: 16 years ago Posts: 118 |
Re: Farmers Insurance Agent Subsidy April 04, 2008 04:17PM |
OK J
Re: Farmers Insurance Agent Subsidy February 25, 2014 03:19AM |
Re: Farmers Insurance Agent Subsidy July 18, 2014 04:30AM |
Nancy
Re: Farmers Insurance Agent Subsidy May 01, 2015 03:22PM |
3yr career
Re: Farmers Insurance Agent Subsidy June 17, 2015 06:30PM |
Torey
Re: Farmers Insurance Agent Subsidy July 02, 2015 04:06PM |
Re: Farmers Insurance Agent Subsidy November 02, 2015 05:06AM |
Quote
OK J
OK J
Re: Farmers Insurance Agent Subsidy
February 24, 2014 08:19PM
My accountant brought it to my attention that Farmers incorrectly and illegally files their taxes by including subsidy payments on agent's 1099 statements. The 1099 is only to report business income and since the subsidy is supposedly a 0% interest loan, it should not be reported as income. When it's reported as income, Farmers writes it off as a business expense and the agents have to pay taxes on it. Instead of having a taxable income of 30,000, it should be listed as 20,000 and have the extra loan listed separately. After 2 years of employment with Farmers, I left to work for another insurance company. After leaving Farmers, I received a letter stating that I owed 20,000 in subsidy that I must pay back to avoid being sent to collections. So now, even though I've already reported that 20,000 on my taxes, Farmers can't now require me to pay it back. It's either a loan or it's taxable income. It can't be both. When you get a loan from a bank, you don't report this on your taxes as income. Farmers is trying to reduce their tax liability and also try to bully agents into paying them money back too because the agents don't know any better. 1099 should:
Include fees, commissions, prizes and awards for services performed as a nonemployee, other forms of compensation for services performed or your trade or business by an individual who is not your employee
[www.irs.gov]
After consulting with my accountant, I was advised not to repay any subsidy. I advised Farmers that they illegally filed my 1099 and that if Farmers wants to pursue this further, I will be notifying the IRS of this practice. Since over reporting an agents actual income is a form of tax evasion, Farmers doesn't want this kind of attention. They only want to get as much money out of you as possible. Furthermore, if they trying to damage your credit or send anything to collections, they can be sued and brought to court. They could even be named in a class action lawsuit. Stand your ground and consult with your accountant or lawyer before paying Farmers anything.
3yr career
Re: Farmers Insurance Agent Subsidy November 02, 2015 05:10AM |
3yearcareer
Re: Farmers Insurance Agent Subsidy November 05, 2015 06:24PM |
Re: Farmers Insurance Agent Subsidy November 21, 2015 02:44PM |
Registered: 7 years ago Posts: 8 |
Re: Farmers Insurance Agent Subsidy January 16, 2016 07:38PM |
Re: Farmers Insurance Agent Subsidy January 23, 2016 02:30AM |
Re: Farmers Insurance Agent Subsidy January 30, 2016 06:33AM |
Registered: 7 years ago Posts: 37 |
Re: Farmers Insurance Agent Subsidy January 30, 2016 06:37AM |
Registered: 7 years ago Posts: 37 |
Re: Farmers Insurance Agent Subsidy April 15, 2016 12:25AM |
Re: Farmers Insurance Agent Subsidy May 28, 2016 01:12AM |
Re: Farmers Insurance Agent Subsidy May 28, 2016 01:14AM |
Louis
Re: Farmers Insurance Agent Subsidy June 03, 2016 03:32PM |
Re: Farmers Insurance Agent Subsidy June 07, 2016 04:10AM |
Registered: 7 years ago Posts: 37 |
Re: Farmers Insurance Agent Subsidy July 03, 2016 05:47PM |
Registered: 7 years ago Posts: 37 |
ex agent
Re: Farmers Insurance Agent Subsidy October 27, 2016 01:09AM |
Re: Farmers Insurance Agent Subsidy February 26, 2017 09:29AM |
Linda
Re: Farmers Insurance Agent Subsidy March 07, 2017 06:31PM |
Re: Farmers Insurance Agent Subsidy April 25, 2017 01:29AM |
Re: Farmers Insurance Agent Subsidy June 08, 2017 07:57PM |
WorstCompanyEver
Fun with the IRS February 21, 2018 04:44PM |
Re: Farmers Insurance Agent Subsidy August 31, 2018 12:33AM |
Re: Farmers Insurance Agent Subsidy February 01, 2020 07:29PM |
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