2. A Schedule C client provides a 1099NEC for income, and total for each expense...
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A Schedule C client provides a NEC for income, and total for each expense category, Which of the following is true?a The Schedule C is fully supported, and no additional documentation is needed.b Proof of business existence and income are fully supported but the expenses were only listed as a total with no additional support. Support documents, or detailed reconstruction would be required.c Proof of business is not supported, and additional documentation to support business existence should be obtained.
A Schedule C client provides a NEC for income, and total for each expense category, Which of the following is true?
a The Schedule C is fully supported, and no additional documentation is needed.
b Proof of business existence and income are fully supported but the expenses were only listed as a total with no additional support. Support documents, or detailed reconstruction would be required.
c Proof of business is not supported, and additional documentation to support business existence should be obtained.
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