News / Article

IRS Forms 1099 Are Coming, The Most Important Tax Form Of All

Source: forbes.com - Jan 22, 2016

IRS Form 1099 season is here. No form is more critical to your tax return. You are almost guaranteed an audit or tax notice if you fail to report a Form 1099. Each Form 1099 is matched to your Social Security number, so the IRS can easily spew out a tax bill if you fail to report one. It matters a lot, especially now that the IRS has six years to audit, not three.

Forms 1099 are supposed to be mailed out by January 31st. Although most Forms 1099 arrive in January or early February, some companies issue the forms throughout the year when they issue checks. Although the initial deadline is January 31, issuers of the forms are not required to file copies of all Forms 1099 with the IRS until the end of February. Most companies do not immediately file their IRS copies.

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Category: IRS