Tax
Sep. 6, 2024
FAQs about IRS Form 1099
Form 1099 reports payments of $600 or more to payees, including independent contractors and lawyers. Used by the IRS to match payments with tax returns, missing or incorrect forms can lead to tax bills. Keep track of these forms, as they may arrive at any time.
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.
Millions and millions of Forms 1099 are sent out every year. They can come any time of year, but most arrive around January 31 reporting payments for the prior year. The IRS relies heavily on them because the forms allow IRS computers to easily keep tabs on millions of payments. Even though the IRS audits only a small fraction of tax returns, the IRS matches nearly all Forms 1099 against your tax return, sending automated notices to pay up.
Yet despite ...
For only $95 a month (the price of 2 article purchases)
Receive unlimited article access and full access to our archives,
Daily Appellate Report, award winning columns, and our
Verdicts and Settlements.
Or
$795 for an entire year!
Or access this article for $45
(Purchase provides 7-day access to this article. Printing, posting or downloading is not allowed.)
Already a subscriber?
Sign In