Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-08-2007, 12:38 AM
Junior Member
 
Join Date: Jan 2007
Posts: 9
What must I do if I didnt get a 1099-Misc from my employer?

Dear TaxGuru,

I worked as an independent contractor for an IT placement company and received some compensation whilst working for them.

However, the company did not send me a 1099-Misc as of yet! The amount paid was over $600.00.

What must I do, I want to do the right thing and not get into trouble.

Tks...



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 03-11-2007, 12:54 AM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
I would recommend that you first contact your employer. It is very possible that their accountant was not able to produce these 1099-Misc reports on a timely basis.

If the accountant simply did not produce these reports, I would suggest that you request that he provide you with a copy of these reports. If the employer suggests that you either forget about it or his accountant was not able to produce these reports, then you have 2 possible ways of handling the situation.

On one hand, you can ignore the 1099-Misc! But these is against the law and if you get an audit, you could heavy fines and penalties for not reporting this income, additionally, if the employer gets audited, you might also get into trouble with the IRS.

You could instead choose to include this income on your personal income tax return voluntarily showing miscellaneous income subject to self-employment tax.

Or, you could report this income on your tax return as a Schedule C income from self-employment actiivities and offset this against necessary and reasonable business expenses. This is the best approach in my opinion!

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.