Thread: Taxes!
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Old 02-10-2003, 05:18 PM
IrishHand IrishHand is offline
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Join Date: Nov 2002
Posts: 888
Default Re: Taxes!

I never received anything from the company telling me I had to report it (I don't think) so if I DID have to do it this year, how would I?
It's income - they don't need to tell you that. You're supposed to figure it out based on the fact that the gave you money. If you found $1200 lying on the street, you'd need to report that too.

Also, if I didn't report it, how would the IRS even know about it?
They probably wouldn't unless they audit you - in which case they could find out either because you cashed the check or because the company in which you held stock told them about it. Your girlfriend is a bit melodramatic - the penalty for failure to report income tends to be a fine, not a prison sentence. (There are exceptions, but you don't sound like one.)

In the end, you should probably report it. It's required by law, and it's the right thing to do. No, you probably won't get caught, but why take the risk over a relatively small amount of money that's not yours anyway?
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