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You Are Here: Home - Newsletters - "Organized For A Living" - Article

     What To Do If You Didnít Get a Form 1099


If you earned revenues as an independent CONTRACTOR this past tax year, you should have received a 1099 Form for the work. So, what if you havenít received one?
WHY A 1099?

If you earned over $600 from one person or company as an independent contractor in 2005, that company or person is supposed to issue you a 1099-MISC form. The form is applicable to revenues, rents, royalties and other categories of income beyond the scope of this article. In issuing you a 1099, the business or company is also supposed to send a duplicate of the form to the IRS. This allows the Internal Revenue Service to keep a tab on how much money you earned in 2005. Lucky you.
THE DEADLINE

1099 Forms are supposed to be issued to independent contractors by January 31. Businesses, particularly small businesses, are famous for FAILING to get the forms out on time. They have to be filed with the Internal Revenue Service by the end of February, so businesses often send them out at that time. If you havenít received a 1099 by the first week or so of March, it is time to take ACTION.
TAKING CARE OF BUSINESS

The first step to resolving the problem is to CALL the business or person and ask about it. Some arenít even aware they are SUPPOSED to issue the forms and file them with the Internal Revenue Service. They are focused on their businesses, not tax documents. Giving them a heads up will almost always take care of the problem.
THE PURPOSE OF THE 1099

1099 forms are not filed with your tax return. They are INFORMATION forms only, so failing to receive one is hardly the end of the world. You should already know how much revenue you earned in the tax year. A 1099 form doesnít really help you figure taxes. It just keeps the Internal Revenue Service INFORMED. If you donít receive a 1099, you can determine your revenues by totaling invoices for the client or reviewing bank account statements.
DON'T RISK IT

If you donít receive a 1099 form, it does not mean you can FORGO reporting the revenue on your tax return. If you take this course of action, you run the risk of being AUDITED and charged with tax evasion by the Internal Revenue Service. It isnít remotely worth the risk.

 

Richard Chapo is with BusinessTaxRecovery.com -- providing information on taxes.


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