In September 2008, the company my husband worked for was purchased, dissolved and re-opened under a new name and moved to Florida. None of the original employees were retained. In January of 2009, we received a sizable pay-out from that sale. No taxes were taken out. We would like to file our taxes for 2009, but have not received the 1099 from that payout. There is no company anymore and no one we can call to get it. It was an automatic deposit so I never received a stub in the mail. It was probably mailed to my husband but he did not receive it. We do have record of the deposit through our bank, but that is all. What should we do?

I would show the entire income received from this company as this would all be reportable income in the eyes of the IRS! Report this income on Schedule C and I would recommend that you consult a CPA who will determine whether or not you are entitled to deduct any expenses against this income.

Remember, that you are entitled to deduct any expenses that are considered ordinary, necessary and reasonable with respect to the production of the miscellaneous income. Thus, the CPA could save you a considerable amount in your 2009 individual income tax liability!

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So, we do not actually have to have the 1099? We can just report the income without sending in anything from the company? We have proof of the deposit from checking account statements.

I need to know if we need any kind of form to report this income or can we just report it and show credit to our bank account. As I said, the company is dissolved and we can not find anyone to get this form to us. I am assuming that this had to reported to the IRS by the ones who dissolved the company.