Tax
Jan. 12, 2012
IRS income reporting: It’s 1099 time again
Why lawyers need to watch out during this special time of year. By Robert Wood of Wood LLP
If you're like most people, you hate receiving IRS Forms 1099, those little slips of paper reporting income. Issuing them is no fun either. In fact, no one likes Form 1099 except the Internal Revenue Service. IRS computers are whirring to match Forms 1099 against tax returns. Every year, the IRS sends millions of notices based on matching asking for more money. Every other notice or audit activity is tiny by comparison.
Watch out ...
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