Did you request current business income documentation? My daughter is a cosmetologist and would be in the same situation, however if you request her YTD income, she can provide it based on her appointment book and her use of Quicken.
If you did not request it then I would say it's a bogus reason, and if you did and the person did not, or cannot, provide it then I would say it would be legitimate.
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The opinions expressed are mine and they are not to be taken as legal advice.