Monday, February 19, 2007
Many 1099s Will Arrive Late or Need Correction-Don't File Too Early
Don't File Too Early, But Do Begin Gathering Information Now
The 2006 tax season is upon us and we would like to make you aware that many of the 1099 forms that you will receive from brokerage firms and financial institutions this year are likely to be issued late and/or require corrections.
This is primarily due to the fact that the IRS recently modified Forms 1099-DIV and 1099-INT, requiring brokerage firms and other financial institutions to change the processes they use to capture and quantify certain new reportable items. This may reduce the pace at which they produce and mail the forms, and may cause some initial errors.
Even though it's probably wise not to file your tax returns too early as a result of these changes, it is still important for you to begin the process of gathering your 2006 tax information for preparation of your 2006 income tax returns as early as possible.
Many corrections will be minor and will have little, if any, effect. If the correction(s) are substantial, and your tax returns have already been filed, you may end up needing to file amended income tax returns, which we will generate for you.As always, we look forward to working with you this tax season to complete your tax returns in an accurate, timely manner. Please call your J.H. Cohn professional if you have any questions about this or any othertax issue.
Bruce Kramer Partner
J.H. Cohn LLP 27 Christopher Way Eatontown, NJ 07724
J.H. Cohn LLP 27 Christopher Way Eatontown, NJ 07724
tel (732) 380-8620 fax (732) 578-1711
Submitted by Fran Kirschner, Frantasy Enterprises
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Princess Cruise Alaska and Holland America in a big bowl and mix them all together.
http://www.princess-cruise-alaska.blogspot.com
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