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TaxMomNJ
TaxMomNJ, Senior Tax Advisor
Category: Tax
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Experience:  7 years experience with tax preparation company, over 500 hours of tax courses taken
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I got a notice from the IRS, and then realized I had not received

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I got a notice from the IRS, and then realized I had not received 3 Form 1099's. I know I owe extra tax, but they want $50,000. What can I do?
Submitted: 5 years ago.
Category: Tax
Expert:  TaxMomNJ replied 5 years ago.
JJWilson,

There are a few types of 1099's. What type of 1099 are you referring to?
Customer: replied 5 years ago.
My husband and I are police officers and the 1099's were for Misc Income (off-duty details). I thought I had received them all, but then I got this notice and realized I did not receive 3 of them. This was for Tax Year 2006.
Expert:  TaxMomNJ replied 5 years ago.
JJWilson,

Do you have any out-of-pocket expenses pertaining to the income you earned on the 1099's?
Customer: replied 5 years ago.
I had already included that info on the 2006 return, but probably could justify more.
Expert:  TaxMomNJ replied 5 years ago.
If you can include more expenses and have proof, you should file an amended return (Form 1040X). You can view this form here: http://www.irs.gov/pub/irs-pdf/f1040x.pdf?portlet=3.

You will need to file a Schedule C to report the 1099-MISC income and expenses you have. You can view the Schedule C here: http://www.irs.gov/pub/irs-pdf/f1040sc.pdf.

Amending your taxes will reduce your tax liability so include as many legitimate deductions as you can find. If you are not experienced or knowledgable in completing tax returns, you may want to consult a tax preparer to assist you in completing this amended return.

Keep in mind, you will want to complete this as soon as possible because the IRS adds interest.

Please let me know if I can assist you further.
Customer: replied 5 years ago.
They included a charge of about $6000 for failure to file. Can a charge like that be disputed?
Expert:  TaxMomNJ replied 5 years ago.
Here are some tips related to tax penalties: http://www.irs.gov/newsroom/article/0,,id=205326,00.html.

Tax penalties, once imposed, are not likely to be removed. This is why the IRS makes a big deal out of filing on time or requesting an extension. You may call the IRS to work out a deal with them. You may also look into an Offer in Compromise (http://www.irs.gov/businesses/small/article/0,,id=104593,00.html) to see if you may be eligible and if it will help you.
TaxMomNJ, Senior Tax Advisor
Category: Tax
Satisfied Customers: 245
Experience: 7 years experience with tax preparation company, over 500 hours of tax courses taken
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