I worked for a small company for about 40 years. The boss closed the business and took his equity. He gifted me $145K wired from his personal bank account to me. In this way, we both avoided paying taxes through the gift tax exclusion. this transaction occurred in 2024. Now, I received a 1099NEC for $150K dated 2025. How can he do this? So now it seems that I have to pay tax on that money, it no longer being a gift, but wages. This doesn't seem legal. First, the amount is wrong, and the payment date is a year later. Can I sue him? Am I now liable to pay the tax after the fact?
Location: Business in SC my location Florida