Delia Tax Attorney

What if you haven’t received your W-2 or 1099 or you have an incorrect W-2 or 1099? 

You’ve been strategizing all year and compiling all of your tax forms since January.  You waited for most of February for that one missing document…your W-2 or 1099 from your company.  Shouldn’t I have it by now, you ask.  The answer is YES.  What can you do about it?

Under federal law, employers must send employees their W-2’s by January 31st of each year.    Similarly, companies with independent contractors must provide 1099 forms by January 31st.

W-2s or 1099’s are also filed with the IRS.  The purpose for this is to inform of the wages or non-employee compensation a worker has earned and how much Social Security and Medicare taxes were withheld.

If you still have not received your W-2 or 1099 or it needs to be corrected, follow these important steps:#1: Call your company

There may have been a simple mailing mistake so call your company’s payroll or human resources department.   It could be as simple as getting your new address.  They can also email you or possibly provide your W-2 or 1099 in a secure portal on their website.

If there is an error on the W-2 or 1099 you did receive, contact your company and let them know in detail why it is incorrect.  If they agree with the error, they can issue a corrected W-2 or corrected 1099.  These corrections will go to the IRS and to you so the records all match. Be sure to let your company know the correction is urgent.#2: Contact the IRS

If your company fails to provide you with your W-2, it is time to get help from the IRS.   They can contact your company (if you haven’t received after February 14th) and inquire as to the missing W-2.  They can be reached at (800) 829-1040. Be sure to have the following information when you call:company or payer name, address and phone numberdates of employmentfederal tax withholding estimate of your W-2. This can be found on the last W-2 pay stub.

Form 1099’s are not necessary for filing, like a W-2 is, so calling the IRS is not necessary.  Just refer to your own records if you have a missing 1099.#3: File your tax return

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If your company provided you with the documentation you requested, obviously file by the April 15 due date.  If you still don’t receive your W-2, the IRS will send you form 4852, IRS substitute to Form W-2.  You will prepare this form and file it with your tax return. To complete Form 4852, You can use your pay stubs to insert the figures necessary.Tax Resolution

Be aware that you may finally receive the missing or corrected Form W-2 or 1099 after you filed your return.  If you made a mistake on your Form 4852 that you need to correct, or if the 1099 amount you reported is agreed incorrect, you’ll need to file a 1040X amended tax return.  You may face an IRS audit if it isn’t corrected.

Not receiving timely W-2’s or 1099’s are actually a common problem so don’t feel alone. Many companies go out of business, merge or are purchased by another firm or just have terrible bookkeeping.  Some companies are also victims of fraudulent or incompetent payroll employees or payroll companies.

If you unfortunately incur tax debt due to a 1099 you overlooked and receive an underreporter notice, called a CP2000 notice, there are options such as IRS installment agreements and IRS settlements (known as offer in compromise).

Taxpayers needing tax resolution help with missing or incorrect W-2’s or 1099’s should seek the advice of a tax attorney.  The Attorneys at Delia Law have many years of tax relief experience and will competently represent you before the IRS.

Please call for a no-cost tax attorney consultation for tax resolution. Our attorneys are available to serve you in San Diego, Orange County and Los Angeles.  We are also available nationwide.  We look forward to helping you.

This blog post is not intended as legal advice and should be considered general information only.

The post Haven’t received your W-2 or 1099?Incorrect W-2 or 1099?Follow These 3 Important Steps appeared first on Delia Tax Attorneys Southern California IRS tax lawyers.

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Getting an acceptance of your IRS offer in compromise can be quite challenging.  With careful planning and proper preparation however, you can greatly increase your chances of acceptance of your IRS tax settlement.

It is best to hire a tax attorney to get the job done.  Only an experienced tax attorney, knowledgeable of the tax laws and art of IRS negotiation has the skill to analyze and determine if you will qualify for an offer in compromise.  Do not waste your time with tax resolution companies, CPA’s, or enrolled agents.  Get it done right the first time, and settle your IRS tax debt.

Here are some top tips to follow when filing your offer in compromise application:1. File all unfiled tax returns

To the point, an offer cannot be considered if all required tax returns have not been filed.  No exceptions.2.  Pay your estimated tax payments for the current year

Estimated tax payments must equal either 100 percent of your total tax from the prior tax year, or 90 percent of the income tax you expect to owe for the current year.  Divide the total by 4 to get your quarterly payment amounts.  All estimated tax payments that are due should be paid prior to filing an offer.  For more information see Publication 505, Tax Withholding and Estimated Tax.3.  Prepare and file a complete offer in compromise application

Be sure that your application is complete.  The offer in compromise forms can be found in the Offer in Compromise Booklet.

A complete application includes:Form 433-A or Form 433-B. This is a financial statement the IRS calls the Collection Information Statement for Wage Earners and Self-Employed individuals (433A) or for Businesses (433B).  It gathers your income, assets, liabilities and expenses.  The purpose of it is to determine the reasonable collection potential or RCP.Form 656-B. This form identifies the tax years and type of tax to be settled or compromises. It also identifies the offer amount and payment terms.Application fee. The offer in compromise requires a $186 application fee made out to the “United States Treasury.”  There is an exception to this requirement if you meet the low-income certification guidelines found in the offer in compromise application.Offer amount. You must select a payment option and include the payment (made out to the “United States Treasury” with your application.  This check must be separate from the application fee.  This is where a tax attorney is invaluable.  Knowing how much to offer generally depends on a lot of variables and must be demonstrated in your application.  And just like the application fee, there is an exception to this requirement if you meet the low-income certification guidelines.Supporting documentation. All information listed in the 433A must have supporting documentation.  Some of the most common include:wage and income statements (w-2, 1099, k-1)profit and loss statements if self-employed or own a business (LLC, S-Corp, C-Corp, Partnership)bank account statements (generally for the last 3 months)car loan statementshealth insurance statements401(k), IRA or other retirement/investment plan statementschild support, spousal support orders and divorce decreesmortgage statements/utility billslease agreementloan documentation and statementschild care bills/receipts

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If your offer in compromise application does not include the above basic forms and information, the IRS will return your application.  If all documentation is properly included, it will be moved on to assignment to an offer in compromise officer in approximately 6 to 9 months.

The IRS generally approves an offer in compromise when the amount offered represents the most they can expect to collect within a reasonable period of time.

Taxpayers needing tax resolution help with an offer in compromise should seek the advice of a tax attorney.  The Attorneys at Delia Law have many years of tax relief experience and will competently represent you before the IRS.  Please call for a no-cost tax attorney consultation for tax resolution. Our attorneys are primarily available to serve you in San Diego, Orange County and Los Angeles.  We are also available nationwide.  We look forward to helping you.

This blog post is not intended as legal advice and should be considered general information only.

The post Know These Top 3 Tips for Acceptance of your IRS Offer in Compromise appeared first on Delia Tax Attorneys Southern California IRS tax lawyers.

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