Tuesday, February 23, 2016

Missing some tax documents? Here’s how you can acquire missing paperwork….

When paying your taxes you may find some of the supporting documents such as a Form 1099 missing. You may have not received it from the business that you performed services for or you could have misplaced it. The same may be the case if you need to include income from interest and dividends.

The post office does make mistakes once in a while.

Contact the IRS

Tax lawyers suggest that you can contact the business you performed services for and ask them for a copy of the Form 1099. Businesses are obligated to send a copy of all Form 1099s to the IRS. If you cannot contact the business concerned you could also contact the IRS and ask for a copy. For this you will need to fill out Form 4056-T to request your income documents. This form must be used to obtain transcripts of various tax documents.

You will need to check the box for line 8 for the Form 1099 series. The IRS will mail the information to you. However, tax attorneys caution that you need to note that the IRS only retains federal information so any state or local information will not be mentioned in the transcript.

You can also contact the concerned businesses to obtain a copy of the original documents after you receive the information from the IRS. Alternatively, you could ask your tax accountant to request the documents from the IRS. Documents are maintained in the IRS database for about four years and are archived for up to ten years.

Contact your broker

If you need to report any income from stocks and shares, then a copy of your 1099 will be with your broker. You can ask them to mail it to you.

Contact your bank

If you are missing any 1099s for income from bank interests, then you can contact your bank for copies or call the customer service number and have them mail a new 1099 to you. For some reason, if you cannot retrieve any documents you are still required to report your income to the IRS in your returns and in totality, according to tax attorneys. 

Have you seen Apollo 13? That is one of the best movies of all time – an American inspiration. It is a shame how President Obama has treated NASA for the sake of thousands of Americans who abuse the system. Paying people not work is not how you improve the economy. Anyways, Jack Swigert was an astronaut in outer space who was late in terms of paying his taxes. Even being in outer space is no excuse not to pay your taxes!  

The IRS may have a far reach but so does this website: Tax.USAttorneys. WiFi does not need oxygen to survive or work. If you need a tax lawyer, contact us or use this website to find one. This website is much easier to use than flying a rocket ship! 

Preparing back tax returns

It is important to create a plan to pay off your back tax debt. In addition, it is important to protect yourself from an IRS investigation assessment and be well prepared. It would be sagacious to seek the advice of a professional when it comes to preparing back tax returns. The important thing is to determine how much you owe and set up a suitable payment plan.

Stay updated with tax laws

You ought to be aware that back tax laws and the tax code change often, so you will need to remain updated on the latest amendments. The latest, accurate information will always be available with a tax professional. What is important is that you pay your back taxes so that you can avoid any complications with the IRS and have them make their own assessment and send you a notice.

There is a statute of limitations set by the IRS and it is essential to know these limitations so that you can settle your back taxes as early as possible and avoid interest and penalties. Remember, you are accountable as a taxpayer and the very fact that you come forward will serve in good standing with the IRS. No matter what your tax issues, be it back taxes or IRS audits, you can always count on a tax lawyer for help if you are in the IRS’s crosshairs. 

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