The IRS has announced that brokers may furnish certain composite annual tax reporting statements by Feb. 17, 2009, without penalty.
The notice provides that the new February due date established under a recent law change to provide Form 1099-B information to customers also applies to other tax information customarily reported to customers with Form 1099-B statements, such as interest and dividends. This means that customers can expect to receive Forms 1099-INT and 1099-DIV late as well.
If you normally receive Forms 1099-INT, 1099-DIV and 1099-B for investment income and transactions, be aware that these forms will arrive later than usual this year. Some clients have reported that they have received letters from financial institutions saying not to expect these forms until the end of February (although the official due date is February 17).
As a tax preparer, I’m not particularly happy about this change, but on the bright side, I’m hoping the extended deadline will cut down on the number of corrected 1099s issued this tax season.
If the brokerage firms have until February 17 to mail out 1099 forms, shouldn’t taxpayers have until April 30 (instead of the 15th) to file their returns?
I wish. As a tax preparer, I’m not happy about my tax season being “shortened” like that. I know I’ll really be feeling those two weeks we lost by the end of the season.
I work at a company called FileLater, which helps individuals and businesses easily file for tax extensions online. In just a few minutes, you can get 6 more months to finish your taxes. It doesn’t seem right that the IRS would shrink our filing window with delays like this… then again, I’m shocked the California filers are getting IOUs on state tax returns!
What happens if it is February 25, 2009 and you still have not received your 1099B or any word that it is going to be sent later.