What if You Did Not Receive a Form 1099?
Posted by Tax Man - 05/12/08 at 05:12 amWhat if You Did Not Receive a Form 1099?
If you are independent contractor or freelancer, you must receive a 1099 form from the business or organization you have worked with at the end of the calendar year. The 1099-MISC form is also supposed to be sent to the IRS so that they will also be informed on how much you have earned in a certain calendar year. These are supposed to be issued to you by January 31st and to the IRS by the end of February. If by the first week of March, you still have not received your 1099 form, then it is time to take some action steps.
What if You Did Not Receive a Form 1099?
First, call the business or organization or person that you have worked for and inquire about it. They might not have been aware that they are supposed to issue and file such forms with the IRS as they usually just focus on tax returns of their businesses. Calling them and inquiring will give them a heads up. Note that 1099 forms are not filed along with your tax income return forms. These are only informational forms so that you and the IRS will be able to track how much you have made in a certain calendar year. Should you not receive a 1099 form in time, you can figure out your revenues by collecting your invoices for the client you have worked with and totaling them, or by simply reviewing the bank account statements made.
However, you should not forego filing or reporting your revenue on your tax returns just because you did not receive a 1099 form. Doing this runs the risk of being audited by the IRS and being charged with tax evasion, which one certainly wants to avoid.
