Discussion:Filing a 1099 for prior years
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Discussion Forum Index --> Basic Tax Questions --> Filing a 1099 for prior years
Discussion Forum Index --> Tax Questions --> Filing a 1099 for prior years
| 24 September 2007 | |
| I'm sure you've seen this before. It's a first time for me.
Have a client (contractor) who has next to no business records for 2005 or 2006. He's just been issued a 1099 for each of these years by a Gen Contractor, so now he's decided it might be a good idea to file tax returns. He's paid a sub $500 cash per week. Again, no paper to document. But he needs to include that subcontracting cost on his returns. Should he go back and get an EIN for 2005 and 2006 and file late 1099's? Is that even possible? What do you recommend in this instance? | |
Tfortaxes@msn.com (talk|edits) said: | 24 September 2007 |
| The income has been documented by the 1099's. If he owes money now it has more than doubled. This is pretty basic stuff. Schedule C. record the money in. If he has no records (this includes calanders that show travel. reciepts from different sources, credit card statements bank statements)then he is screwed and maybe it will teach him to keep records. He doesn't need and EIN unless he paid wages. Are you a proffessional or are you helping a friend. Like I said, this is pretty basic stuff. | |
| 24 September 2007 | |
| Do not file old prior year 1099's. Do deduct expenses that happened during the old years to be filed. | |
| 24 September 2007 | |
| Pretty basic question #1. Do you recommend that we now file a 1099 for the sub who helped my contractor... two years later? Or just let it go and take whatever beatings the IRS will apply?
Pretty basic question #2. Does he need an EIN to file a 1099/1096? | |
