Posted by FlaMac on 2/28/06 10:47am
Msg #100587

Anybody having trouble getting your 1099's?

What is going on with business' this year? I have 3 companies who haven't sent my 1099 yet. Are they trying to hide their income? I have news for them..I file my taxes accurately...and on time

Reply by eXpedN_TX on 2/28/06 10:51am
Msg #100594

I think you can still file without receiving them. I am assuming you made more than $600 form them last year as well? Unless you make over $600, my understanding is they don't have to send them. (I'm sure you already know that).

I already got my income tax check. Got it back last week. I really want to go spend it on something fun like a vacation, but I am thinking my best bet is to be responsible and put it in to a Roth IRA. We'll see?!?!?

Reply by FlaMac on 2/28/06 10:56am
Msg #100597

They are to be issued by 1/31 just like a W-2 form..

for all income earned over $600. But, if the company wants to hide some of it's revenue, it will opt to not issue all of them. Only their business bank account can truly verify how much money they deposited. The only way they can get caught is if they are audited by the IRS. Since we file our taxes, individual and business, based on the "honor system". And we wonder why so much tax goes unpaid.....

Reply by eXpedN_TX on 2/28/06 11:09am
Msg #100609

Re: They are to be issued by 1/31 just like a W-2 form..

I hear ya on that one. Then those of us that actually do pay...man oh man. When you look at your income, then what is paid out in taxes, it's shocking!!!!

Have you placed a call to these companies to see what is taking so long?

Reply by SatomiCO on 2/28/06 11:22am
Msg #100613

Re: They are to be issued by 1/31 just like a W-2 form..

I honestly don't see what the problem is. I have received very few from my SSs and TCs. My records are accurate and I always file without them. As long as you claim everything you've earned (whether more than or less than $600), you have nothing to worry about. They are the ones who will have to account for their own business if they get audited.

Reply by Charm_AL on 2/28/06 11:13am
Msg #100610

Chances aere, if you don't have them yet, you not going to get them, I was surporised to see the very limited number of 1099's I got, but if you're not paid over $600. they don't have to send you one. However all income has to be reported regardless.

Reply by cmd_NH on 2/28/06 11:16am
Msg #100611

Don't lose sleep over not receiving 1099's. As long as you have accurate records of income and where it came from, you are all set. Even though 1099's are supposed to be sent for over $600, that is not always the case, and if you happen to be incorporated, they don't need to send one at all.

Reply by Glenn Strickler on 2/28/06 11:18am
Msg #100612

As long as your records are in order, don't worry about it. You'll be fine. Barely 1/4 of my income was covered by a 1099. I record everything and every penny that runs through my bank account is accounted for.

Reply by FlaMac on 2/28/06 11:31am
Msg #100618

My Dad worked for the IRS.........

and they "profile" people. And it's completely legal. Meaning, if you file with misc income with no 1099's and receive a refund...it put's you in a possible audit category. The same if you are a sole proprietor and you claim a loss for more than 3 years in a row. Mainly, I want them because IT'S THE LAW and these idiot companies do enough to break the rules as it is One major company hasn't sent my 1099..for income exceeding $2500. Very fishy.

Reply by SatomiCO on 2/28/06 11:46am
Msg #100633

Re: My Dad worked for the IRS.........

I have been self-employed since 1992. I keep my records in order and claim and can document every penny I earn. I'm not going to lose sleep over not getting a 1099.

Reply by LilyMD on 2/28/06 11:49am
Msg #100635

Re: My Dad worked for the IRS.........

The only thing I worry about is correctly/accurately reporting my income. I can do that with or without a 1099. I reported income from 3 different companies that should have sent me a 1099. Not getting a 1099 from them is not my problem but theirs.

Reply by FlaMac on 2/28/06 11:55am
Msg #100639

They deserve to be reported because it's illegal n/m

Reply by SatomiCO on 2/28/06 11:58am
Msg #100643

Re: Then report them. n/m

Reply by JanetK_CA on 2/28/06 12:36pm
Msg #100658

Re: My Dad worked for the IRS.........

I don't pay any attention to 1099s. They don't get included with my return and my accountant doesn't even want to see them. If you're doing this as a full time business, after three years you should not be claiming a loss and if you're getting a refund, it should only be because you overpaid your estimated quarterly taxes. If not, then you should find another line of work! If you do this as a part timer and have another job, consider increasing your W-4 exemptions, so that you have less taken out of your checks and are less likely to get a refund, if you're concerned.

I can't control how the companies I work for keep their books and don't consider it worth worrying about (as long as I get paid...) Like others said, I just make sure I report all my income accurately and document my expenses properly.

Reply by cmd_NH on 2/28/06 12:38pm
Msg #100661

Re: Well said Janet. n/m

Reply by SatomiCO on 2/28/06 1:58pm
Msg #100677

Re: Right on, Janet

If I receive 1099s, I keep them with my tax return documentation for any particular year. And like you, my CPA never sees them, and has no need to see them because she knows my records/documentation are in order. My 1099's are not returned to the IRS as my husband's W-2 is. Additionally, my CPA has my quarterly payments in line so I break even and not get money back, nor owe money.

Reply by John_NorCal on 2/28/06 2:50pm
Msg #100695

Re: Right on, Janet

>>My 1099's are not returned to the IRS as my husband's W-2 is. <<

Satomi, I'm confused by this part of your post. Do you mean that you don't send them to the IRS or the issuer doesn't? You probably do know that they are reported to the IRS just like W-2 income is. You are correct though in that a person just needs to keep them with their records and not return them them with their tax return. In fact if a person e-files, like many do, not even W-2's get sent in. That makes things a lot easier.

Reply by SatomiCO on 2/28/06 3:38pm
Msg #100711

Re: Right on, Janet

John, sorry for the confusion.

I report every penny I earn to the IRS and can document it. I don't return my 1099s to the IRS with my tax return. And businesses report our earnings to the IRS whether or not they send us a 1099, which was the whole point in my part of this thread. I don't see why one should obsess the fact that they didn't get a 1099 from one or more companies. And you're right, e-filing makes it so much easier.

Reply by John_NorCal on 2/28/06 7:03pm
Msg #100794

Re: SatomiCo - I agree with you 100% ! n/m

Reply by FlaMac on 3/1/06 7:11am
Msg #100850

Until you get a call from the IRS to verify income you....

received from any given company. I did a little research. You have to include your 1099 with your tax return just as a hourly employee includes a W-2. You have to include all income earned whether you receive a 1099 or not. If a corporation is audited the IRS may contact you to verify the amount of income you received from said corporation of which no 1099 was sent to you. It could also put you in a category for possible audit. As I said in my original post, the IRS profile's individuals/corporations. They "flag" certain things so if someone falls into that category they become suspect. My advise...do everything possible to stay out of that category.

Reply by SatomiCO on 3/1/06 7:57am
Msg #100855

Re: Until you get a call from the IRS to verify income you....

We've all gotta do what we feel we have to do. This is the last reply I'm posting in this thread.

If I'm asked to verify income from any particular company, I have my invoices, I have my bank statements and I have my computer accounting program. PERIOD!

Reply by RickinVA on 3/1/06 9:26am
Msg #100889

Re: Until you get a call from the IRS to verify income you..

I think you are incorrect. The companies that issue a 1099 have to send them to the IRS, but the recipient does not include them. They are for reference only as far as the taxpayer is concerned.

Rick