Guest jusducki Posted April 15, 2009 Posted April 15, 2009 Client just informed us neither they or the investment firms prepared 1099-R/1096 for 2008. If this problem is now going to get resolved, should the '08 1099-Rs just be issued as usual despite being 3 months late?? Thanks in advance for any help.
david rigby Posted April 15, 2009 Posted April 15, 2009 There may be a penalty for being tardy, but no reason to let it get any worse. I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
BG5150 Posted April 15, 2009 Posted April 15, 2009 The penalty is $30/form that was filed late (after March 30 and before Aug 1). You may be able to get a waiver of the fine. (see p. 13 of the General Instructions for 1099: http://www.irs.gov/pub/irs-pdf/i1099gi.pdf) [thanx to David Rigby for pointing me there a coupla months ago...] However, I'd figure out a response to the person if and when he or she comes back and asks for reimbursement of the cost to amend personal income taxes. QKA, QPA, CPC, ERPATwo wrongs don't make a right, but three rights make a left.
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