Posted by CF on 2/20/08 1:28pm
Msg #236229

1099 due by end of February????

Someone posted this a while back that the due date for 1099 was end of February. I am curious where that information was found? I have searched the IRS.GOV webstie and can not find that. Any info will be helpful. Thanks so much!

Reply by Sylvia_FL on 2/20/08 1:41pm
Msg #236231

1099's are to be sent to individuals by January 31st, the IRS copies from the company have to be sent to the IRS by the end of February.

Reply by ienotarygirl on 2/20/08 2:00pm
Msg #236234

My understanding is that all 1099 forms must be postmarked no later than January 31st.

Reply by Sylvia_FL on 2/20/08 2:14pm
Msg #236237

Yes, they had to be postmarked by January 31st. But the ones the companies send to the IRS have to be postmarked by the end of February. (Although I sent mine to the IRS the same day as I mailed the ones to the signing agents)

Reply by Linda Juenger on 2/20/08 2:15pm
Msg #236238

I received one yesterday and am still 2 short. n/m

Reply by MistarellaFL on 2/20/08 2:22pm
Msg #236243

As of today, I am still getting calls for me to send a W-9 n/m

Reply by Sharon Taylor on 2/20/08 2:16pm
Msg #236240

One company still hasn't sent theirs to me

It is a company that paid me more than $600 during 2007, so they should have sent me a 1099 but have not and apparently are not going to.

Reply by CF on 2/20/08 2:19pm
Msg #236241

Re: One company still hasn't sent theirs to me

Great thank you! I am short a bunch....I was waiting until the end of Feb to start my taxes. Looks like I will be using all of my own info vs. the 1099's. (I usually rely on both)

Thanks!

Reply by Roger_OH on 2/20/08 2:23pm
Msg #236245

It doesn't matter whether we receive a 1099 or not...

while they're nice to have, we're still responsible for declaring ALL income,
even from companies that we did less than $600 of work for. If we don't get 1099s,
we have to use our own records.

Reply by GFBSNotary on 2/20/08 2:50pm
Msg #236252

Re: It doesn't matter whether we receive a 1099 or not...

Yes... That is correct... still though need the 1099's!

Reply by Sylvia_FL on 2/20/08 2:54pm
Msg #236255

Re: It doesn't matter whether we receive a 1099 or not...

Some title companies do not send out the 1099's. One title company sent me the explanation of why they didn't send out 1099's for some of the signings. If they pay out of the Escrow account they are not required to send out 1099's, only when they pay out of their operating account.

But we still have to report the income

Reply by GFBSNotary on 2/20/08 2:49pm
Msg #236251

NOPE!
January 31st is the deadline.. then you must notify the Client as well as the IRS...
IRS will take action to contact your Client to send 1099 asap... hopefully this will help!
Personally I have only received 1 - 1099 from 1 of 76 CLients... joke ... this is ridiculous!
I have to wait to do my taxes ---- these Clients I have , I will no longer work for them!
Good Luck to you...

Reply by Teresa/FL on 2/20/08 2:53pm
Msg #236254

I am incorporated, so IRS guidelines do not require 1099s to

be issued to me.

I just use my records of income received for my corporation and issue myself a 1099 from my company to myself as an individual. It makes it so much easier.

Reply by ALL SONOMA MOBILE NOTARY - Judith Neeley on 2/20/08 3:08pm
Msg #236262

Not a big deal if you don't get a 1099 as long as you

declare the income, so don't get your undies in a bunch if you are missing any. A 1099 is to alert the IRS you were paid $ so they can be sure you include it in your tax return. If you include it - no worries - even if you didn't get a 1099. Lots of businesses are lax about sending 1099s to their Independent contractors - but if the IC includes the income in their tax returns anyway, no problems.

Reply by Laura Vestanen on 2/20/08 8:12pm
Msg #236316

ASMN is exactly right. The only exception.....

The only exception is if a specific company is claiming to have paid you more than they actually paid you.

That could be an honest mistake. Or it could be that they are trying to declare more tax deductible expenses than they actually incurred.

In the event you get a 1099 with an inflated "amount paid" then you should write a letter to the company tell them you only received $x. A copy of this letter will help you if you are audited by the IRS.

LauraV