Official IRS Tax Forms
February 14th, 2010
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Question: If a small business did’nt report your income and you don’t file your taxes will they find out?
I work for a small Company fresh out of college, I made less than 20,000 this past year. I Live at home with my parents, i dont have many bills. I noticed we forgot to send in the official form A 1099 copy to the IRS reporting everyones income. There are only like 3 employees. I would like to know what would happen if i did’nt file my taxes. I could really use the extra money but i dont want to get in trouble.
Answer: You didn’t mention if the company you worked for withheld any taxes from your check. If they did you already have paid the taxes and may be due a refund. And if the company didn’t make regular deposits of those taxes withheld they would face fines and penalties, of which you would not be responsible.
However, you mention sending out 1099′s, which is used to let the IRS know that a company has paid an individual as an independent contractor rather that an employee. Companies usually do not withhold taxes from independent contractors and you would be responsible for the taxes.
If the owner of the company files a return for the company then he would be listing the amount paid as salaries. The IRS may take note of the expense item on the company return and wonder why there are no collaborating W-2′s to back it up. Which means that the company may get audited, and find out that you would owe the taxes.
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