What To Do If You Didn’t Get A Form 1099

If you earned revenues as an independent contractor in 2005, you
should have received a 1099 Form for the work So, what if you
haven’t received one?
What To Do If You Didn’t Get a Form 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-MISC,
the business or company is also supposed to send a duplicate of
the form to the IRS This allows the IRS to keep a tab on how
much money you earned in 2005 Lucky you
1099-MISC Forms are supposed to be issued to independent
contractors by January 31, 2005 Businesses, particularly small
businesses, are famous for failing to get the forms out on time
They have to be filed with the IRS by the end of February, so
businesses often send them out at that time If you haven’t
received a 1099 by the first week or so of March, it is time to
take action
The first step to resolving the problem is to call the business
or person and ask about it Some aren’t even aware they are
supposed to issue the forms and file them with the IRS They are
focused on their businesses, not tax documents Giving them a
heads up will almost always take care of the problem
1099-MISC 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 2005 A 1099 form doesn’t really help you figure
taxes It just keeps the IRS informed If you don’t receive a
1099, you can determine your revenues by totaling invoices for
the client or reviewing bank account statements
If you don’t 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 IRS It isn’t remotely worth the risk

Tags | businesses, contractor, documents, evasion, form, forms, independent, rents, result, return, statements