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I have owned and run a part-time business since 2009. Because

I have owned and run...
I have owned and run a part-time business since 2009. Because of our unique situation, we use independent contractors vs employees. There was a mistake made in the 2011 tax year as to how we reported independent contractor wages to the IRS. We inadvertently used form W-2 instead of the appropriate 1099-Misc (which we've used in each of the other Tax Years). This has just come to my attention and I'm wondering the best course of action to take to rectify this for all concerned.
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Answered in 12 minutes by:
8/18/2013
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,878
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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NPVAdvisor :

Void a W2 you accidentally submitted by using form W2c. For the previously reported amounts, use those that were on the original W2. List the corrected amounts as zero. ... Then file a a “corrected” Form 1099. The “corrected” box on the form tips off the IRS not to simply add up the figures on the two Forms 1099.

NPVAdvisor :

Here's the W-2C: Form W-2c, Corrected Wage and Tax Statements

NPVAdvisor :

Here's the information of filing the corrected 1099Misc: http://www.irs.gov/instructions/i1099gi/ar02.html#d0e1941

NPVAdvisor :

I still don't see you coming into the chat here, so I'll move us to the "Q&A mode ... Maybe that will help (We can still continue a dialogue there, just not in real time) ... Let me know if you have questions

NPVAdvisor :

Lane

Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,878
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Lane and 87 other Tax Specialists are ready to help you
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Customer reply replied 4 years ago

Okay, sounds logical.


 


Do I need to order the W2c forms from IRS or I can copy form from the link you provided?


The corrected 1099Misc looks simple enough as well.



No, sorry, you WILL need to order the scannable forms ... here's the site for that: http://www.irs.gov/Businesses/Online-Ordering-for-Information-Returns-and-Employer-Returns

OR you can call 1-800-TAX-FORM (1-800-829-3676)

Yep, just be sure to get that "corrected" box checked.

Hope this has helped,

Lane

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Customer reply replied 4 years ago

Okay. You just saved me enough time to justify the expense. Thanks


You're welcome Dave.

Thank you.

Let me know if I can help further.

Thanks again,
Lane
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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,878
12,878 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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