My wife and I live in FL and own a business that had loss in 2009 of $317.000.
My wife runs the business and I am employed by a company located in Seattle, WA.
During 2009 I had two employers both of which ironically are located in Seattle.
While reviewing our 2009 tax return over the weekend I noticed an enormous omition in our income.
It seems that my current employer for whom I started working in March of 2009 as a consultant neglected to send me a 1099 for my $73,000 of income.
I guess when I looked at my tax return I saw "seattle, wa" on my W2 from my previous employer and just assumed it was for my current employer. (a stupid mistake for sure) Nevertheless, it's a large amount and I am hopefull that because we had such a large loss that there would be no penalties as we don't owe any taxes.
My employer on the other hand is probably going to be facing some penalties for not sending me a 1099 aren't they.
So, I need to amend my 2009 return and also send a letter to the IRS explaing the situation??
Any advice would be most helpful.