Dec. 16, 2019
Making sense of IRS Form 1099 in legal settlements
IRS Forms 1099 match income and Social Security numbers. Most people pay attention to these forms at tax time, but lawyers and clients alike should pay attention to them the rest of the year, too. Failing to report one is guaranteed to give you an IRS tax notice to pay up. These little forms are a major source of information for the IRS. Copies go to state tax authorities, and they are equally useful in collecting state tax revenues.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
IRS Forms 1099 match income and Social Security numbers. Most people pay attention to these forms at tax time, but lawyers and clients alike should pay attention to them the rest of the year, too. Failing to report one is guaranteed to give you an IRS tax notice to pay up. These little forms are a major source of information for the IRS. Copies go to state tax authorities, and they are equally useful in collecting state tax revenues.
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