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Didn't get my 1099s filed on time.

 
 
jamesbulk@gmail.com
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      04-10-2006, 03:29 PM
This is my second year being self-employed and my first year to file
1099s and I didn't realize that they had to be filed so early (dumb
mistake). Is there anything I can do or will I have to "eat it" and pay
taxes on that money myself? Also, if 1099s do not have to be filed for
income less than $600, how do I report it so that I do not have to pay
taxes on that money? Thanks.

 
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Paul Thomas, CPA
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      04-10-2006, 04:32 PM

<(E-Mail Removed)> wrote
> This is my second year being self-employed and my first year to file
> 1099s and I didn't realize that they had to be filed so early (dumb
> mistake). Is there anything I can do or will I have to "eat it" and pay
> taxes on that money myself? Also, if 1099s do not have to be filed for
> income less than $600, how do I report it so that I do not have to pay
> taxes on that money? Thanks.




Prepare and file the 1099's ASAFP. The IRS doesn't care if they are late.
They aren't going to penalize you for sending them in late. Next year
remember that you have to issue them to your subs on January 31, and send
the original to the IRS by the end of February.

Now, your contractors might complain to you, and that will be the worst of
it.



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Paul Thomas, CPA
(E-Mail Removed)


 
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matthew02
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      04-10-2006, 05:46 PM
Thanks for the reply. I'm sending them out today.

 
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Paul Thomas, CPA
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      04-10-2006, 06:47 PM

"matthew02" <(E-Mail Removed)> wrote
> Thanks for the reply. I'm sending them out today.



The reason the IRS won't penalize you is, they don't want you to fear the
whip for doing what you should be doing. Now, like Phil said in another
group, if they find that you should have filed 1099's on your contractors at
a future audit, then they might impose the penalties, which I believe are
$50 per 1099 not sent, or sent with incorrect data.

To get this point accross, we've had our clients withhold $50 from their
subs payments until the W-9 is completed and returned. Money can make a
point.

And by the way, you can deduct all your expenses, even to contractors you
should have 1099'd but didn't, as well as those who didn't need to be
1099'd.



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Paul Thomas, CPA
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