1099’s are being sent out, these forms are sent by payers to you and to the IRS. These forms document any income you may have earned aside from pay earned as an employee such as consulting or contract work. 1099’s are supposed to be mailed out by January 31st. Although most 1099’s come in January, some companies issue them throughout the year. Whenever the forms come, don’t ignore them! Each form includes your social security number or EIN. If you don’t include the reported amount on your tax return, the IRS will know. Make sure that payers have your correct address so that you get a copy. You’ll want to see any forms that the IRS sees.
If you don’t receive a form that you are expecting, just report the income. If you request another form, the payer might issue it again incorrectly and the IRS may end up thinking you had twice the income that you actually did. You don’t file 1099’s forms with your tax return, so a missing form won’t delay your tax preparation if you know the income you earned. If you have questions, or something doesn’t look right, contact the payer. If you still have questions, give us a call.