Tax Relief with Logan Allec, CPA
Do you owe back taxes to the IRS or your state government or have unfiled tax returns? Then this is the podcast for you! Every Monday, Wednesday, and Friday, Logan Allec, CPA — owner of A+ BBB-accredited tax resolution firm Choice Tax Relief — explains exactly how to get tax relief for your back tax debt. Would you like a FREE tax relief consultation with Logan's company, Choice Tax Relief? Schedule your consultation now by calling 866-8000-TAX!
Tax Relief with Logan Allec, CPA
1099 Arrived 10 Years Late. Can the IRS Still Assess Tax?
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What should you do if a 1099 arrives ten years after the tax year? Logan Allec, CPA, responds to an anonymous Reddit question about a late 2016 form, a wrong Social Security number, and income that was not reported. He also explains why business owners need their own income records instead of relying only on 1099s.
CLARIFICATIONS
The IRS generally has three years from filing to assess additional tax. An early-filed return is treated as filed on its due date. The period can be six years for certain substantial omissions, and there is no limit for fraud or no valid return; other exceptions and extensions apply. A late payer form does not itself restart that clock or prove the period has expired. An incorrect SSN does not eliminate tax obligations or guarantee the IRS cannot identify income. The section 6662 accuracy-related penalty, when applicable, is generally 20% of the relevant tax underpayment, not 20% of gross income.
This is an anonymous question, not a Choice Tax Relief client case. Logan's comments about possible enforcement are his assessment of the limited facts, not a guaranteed outcome. General educational information as of recording, not individualized tax advice.
CHAPTERS
00:00 A 1099 arrives ten years late
00:19 The Reddit question
01:01 The IRS assessment period and exceptions
01:23 What a wrong SSN does and doesn't mean
01:43 Keep your own income records
02:45 The possible accuracy-related penalty
03:21 Unreported income and enforcement
04:04 Report income even without a 1099
04:29 Getting help with back taxes
PRIMARY SOURCES
Assessment periods: https://www.irs.gov/taxtopics/tc305
Accuracy-related penalty: https://www.irs.gov/payments/accuracy...
Business income reporting: https://www.irs.gov/publications/p334
Name/TIN mismatch notices: https://www.irs.gov/individuals/under...
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