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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