Ask An Accountant: Waiting On A 1099 Form

It’s tax time! My “Ask An Accountant” series should help with many questions that may arise. Remember, if you have a tax question, email my husband who is an experienced accountant at cjwtaxpro@gmail.com.

Question:
What can I do if I am still waiting on a 1099 and have gotten no response from a company?

Answer:


Do not rely on the 1099’s to report your income.  You have a fiduciary responsibility to claim all of your income whether you receive a 1099 or not.  1099’s are not submitted by the recipient with their tax return.  The reason for the 1099’s is they are supporting documentation for the payer in the event of an audit.

Please keep in mind this post is for informational purposes only and answers given are very general. Do not rely on this column for definite tax answers as many things depend on individual circumstances. Please contact your personal accountant or financial advisor for your particular situation.

photo credit: austinpost.org

IRS Circular 230 Notice: Any U.S. tax advice in this written or electronic communication was not intended or written to be used, and it cannot be used by the taxpayer, for the purpose of avoiding any penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions

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