Business tax season may feel like it is far in the future. However, knowing which forms you should expect is important. If you are expecting any 1099 forms, you should keep track of expected forms that businesses are sending to you. If you realize that a company did not send you a 1099 div form 2018, there are steps that you can take to amend it.
If you receive specific types of income – for instance, if you do contract work – you will receive a Form 1099. The forms are for use with your federal tax returns. Companies that send you any 1099 forms should do so in time for the forms to arrive by early February. If you realize that you are missing forms, the first step is to contact the employer, payer or issuing agency. You should request the missing documents before filing your 2018 tax returns. The same guidelines apply if you received an incorrect Form 1099.
If you do not receive a response about your missing 1099 div form 2018, and cannot find copies online, do not panic. You must still file your tax returns by the April 15 deadline. However, it may also be for the October 15 deadline if you requested an automatic extension. One way to move forward is using Form 4852. Doing so allows taxpayers to report estimated wages or payments made to them. It also includes reporting on any taxes withheld.
What to Do If Your Company Overlooked a Form 1099-DIV
Nobody is perfect and when manual filing takes place, businesses are no exception. Businesses know when they need to issue 1099 forms to independent contractors. However, perhaps your business overlooked a 1099 div form 2018. The Internal Revenue Service will issue penalties for deliberate noncompliance. Although filing deadlines are imposed, there are allowances if an unintentional error is made by a company.
Businesses must distribute all 1099 div forms by Jan. 31 once the calendar year ends. If a business files manually by paper, the 1099 forms must be filed with the IRS by Feb. 28. If completed electronically, the deadline for companies is March 31. Once you realize that you forgot to send a Form 1099, send it immediately to the taxpayer.
File the 1099 div form electronically if you already missed the paper filing deadline. By doing so, it will help you avoid any penalties. It will also allow you to indicate the company acted in good faith and was not attempting to omit the IRS. Making clear why the taxpayer did not receive a 1099 div form 2018 rather than hiding it can protect your business.
These issues are easily avoidable with a reliable software program. Advanced Micro Solutions offers a W2 and 1099 Software Filer. Rather than manually filing, the software program keeps you on top of filing and all deadlines. Its features include payer information only needing to be entered one time and the company’s E-Filer can electronically file year-end 1099 forms directly to the IRS.