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FAQ

Do I need to file a Form 1096 with my 1099-MISC?
How and When Do I Need to File IRS Form 1096?January 26, 2018 / 1099-MISC Form / How and When Do I Need to File IRS Form 1096?If you are paper filing Form 1099-MISC you will also need to include Form 1096 when submitting to the IRS. Here is what you need to know:What Is Form 1096?IRS Form 1096 is a summary or transmittal return that shows the totals of all 1099-MISC Forms submitted to the IRS. You, the employer, will need to submit a separate 1096 for each type of 1099 series return you transmit.When is the Form 1096 Deadline?All business owners that employ independent contractors should be aware of the 2017 tax year deadline change for submitting 1099-MISC Forms and 1096 Forms. Both of these forms must be filed with the IRS by no later than January 31, 2018. If you are unable to prthe required forms to the IRS or your recipients you will need to file extension Form 8809 for 2017 1099-MISC filings.Do I Need to File a Form 1096 When E-Filing?Transmittal Form 1096 is not required if you choose to e-file your1099-MISC Forms with the IRS. However, you may need to file a 1096 Form with 1099-MISC state taxes. For more information check with your state Department of Revenue for filing requirements.You can directly e-file your 1099-MISC Forms today using ExpressEfile,the IRS-authorized e-file provider. We meet strict security guidelines and use secure encryption technology to protect your tax and business information. Plus, upgrading from paper-filing to e-filing is just $0.99 per form and out tax software helps you avoid mistakes by automatically checking for errors.Accurately and securely e-file 1099-MISC Forms in just a few clicks!E-file: $0.99 Per FormE-Filing + Postal Mailing: $2.29 Per FormGet Started Today!
What happens if a company issued 1099-MISC to its contractor but did not file a 1096 or submit the 1099-MISC copies to the IRS?
I like Lislue’s answer the best of the three so far. Once you file your taxes and include the 1099 income, the irs computers will go looking for a match (epecially if you use software and input the data from the 1099 into an equivalent 1099 form in the software. When the computers don’t find a match, then they go looking for the source documents, hence a letter/inquiry/audit gets started/sent out. Fines/penalties, etc get assessed.the source company msy self-trigger an audit when they deduct a high wages expense, but have not submitted any W-2 or 1099 forms. It might take a year, but the irs will catch up.
Do I need to use 1099-MISC forms to report my income as an independent contractor, or can I report solely based on my own records?
If your reported income on all of your C/C-EZ forms (put together) doesn’t add up to at least as much as what was reported to the IRS on 1099-MISC, the IRS will send you a matchup letter or correct your return.If you use cash-basis accounting (most independent contractors providing services only use cash-basis accounting, since it’s way simpler), you report money when you receive it. There’s one catch: the IRS considers a check to be constructively received by your cash-basis business when it is sent to you, not on the date you receive it. Thus, if a customer cuts you a check on December 31, 2016, and you get it on January 5, 2017, that income is considered to be constructively received in 2016. I got a matchup letter for this once before I learned my lesson. Of course, if you use accrual-basis accounting, you realize the income (and pay tax on it) in the accounting period when it’s invoiced, not when it’s received.I would suggest that you to base your business tax return on your own records, rather than on the 1099-MISC forms. However, you should reconcile the 1099-MISC forms you receive with your own records, and if there are any discrepancies, you should contact the customer who sent you the 1099-MISC to resolve the discrepancy.
What happens if I have two W2 tax forms (from two different workplaces) and I file only one of them this year and file the other one next year? Is this allowed?
Bottom line: Never ever not report income the IRS knows you have earned. It's incredibly high probability (I think almost certain) they will enforce action before the statute of limitations runs out.IRS will likely come after you.  W-2's are easy, low-hanging fruit to them. When you get a W-2, the IRS (and likely your state tax authority) also get a copy of the same information.  (This also applies to certain other informational forms and returns like a 1099-MISC, 1099-K or 1065 Partnership Return).If the IRS knows you have W-2 income, they are going to be looking for it to be on your return.Most people think if they file their return and they don't hear back in a month or even a few months that they "got away with it." The reality is that the IRS can come after you as late as 3 years after the due date of that return (so if you are filing 2013 taxes, which are due April 15th, 2014, the IRS can come after you - in most circumstances - as late as April 15th, 2017).In my experience, IRS will likely "mail audit" you where they show you that they were looking for the W-2 and you didn't put it on there.  They will "suggest" your new income and tax liability after including that income on your return, and expect you to pay the difference.  You can expect interest and potentially underpayment penalties, and if the amount is large enough or they perceive your intentionally trying to evade taxes, then they can issue further accuracy-related penalties on you.
How do I amend tax forms? I was an independent contractor in 2016 and was paid $1875 by a company but didn't receive a 1099-MISC form. I claimed the income in 2016 but received a 1099-MISC form in 2018, showing that they claimed the expense in 2017.
Given just this fact pattern, I would do the following:Do nothing for 2016, your tax return is correct.If you have NOT filed 2017, then include the 1099 on your return as income, and include an other expense line item that says income claimed on 2016 tax return for the same amount so they net out to $0.00If you have filed the 2017 return, then I would not do anything at the moment, the cost doesn’t seem worth it. Just let the IRS do its thing. If your income is lower than the total 1099s, they received, then they will generate a notice that you can then respond to explaining the timing difference. If your income you reported was higher than the total 1099s that they received, then no notice will probably be generated.
Do I have to pay taxes if my friend gave me money?
If your friends want to deduct their payment to you as an expense of their business, they are allowed to because you performed services for the business and they paid you. This means that the money is taxable to you as self-employment income. You will need to fill out a Schedule C with your tax return to show the money you got and to deduct any expenses you had in order to perform your services. If you had to drive somewhere or buy something in order to earn the money, then those costs are deductible on your 1040, Sch C.You will also have to pay Social Security and Medicare tax on the “net income” shown on your Schedule C. Part of these taxes will also be deductible on your 1040.If you do not pay taxes on it (i.e. treat it as a gift from friends), then your friends cannot deduct it against their business income. Check with them before you decide.Your friends may also send you a 1099-Misc form, which means you must report the income or receive a letter from the IRS. 1099 forms are mailed out at the end of January the year after the money was earned. So if you worked in October of 2016, expect a 1099 form in early February 2017. The taxes on the money will vary according to your income, but you should retain about 25% to pay the taxes.