Investors eager to file their taxes this year may be feeling held up by the delayed issuance of 1099 tax statements.
In previous years, the IRS has required brokerage firms to issue consolidated 1099 tax statements to their clients by Feb. 15. However, this year many brokers have experienced delays in getting these forms out as reporting standards for the firms have become more complicated. Some investors may not receive their 1099 forms until closer to March 15.
These 1099 statements may include Forms 1099-DIV, 1099-INT, 1099-OID and 1099-B. While the delay may feel like an annoyance, the additional time is allowing brokers to ensure the forms are accurate and comply with all IRS regulations.
If you have not received your 1099 forms, it is advisable to contact your brokerage firm for any possible updates on the delay. However, even though you are waiting on these statements, you should not put off sending other tax documents to your certified public accountant.
Providing your CPA with all your other tax information will help to prevent any additional delays that could postpone the completion of your tax return. It is more efficient for your CPA to add late-arriving information than to delay beginning work on the return.
If you have any questions about tax statements necessary for completing a return, contact the tax services professionals at LaPorte.