Greetings!
Happy New Year!
For many people, January is the time to start gathering tax documents so they can get their returns filed as quickly as possible. Waiting for the W-2s, 1099s and 1098s, etc. to arrive can sometimes be the last piece holding up the process.
But, there's a reason for the wait. In an effort to allow companies time to accurately complile their year-end infomation, the IRS requirment for employers, companies and providers is to mail any tax documents to taxpayers no later than January 31st. Some companies actually get their documents sent out prior to this deadline, but that is a courtesy - everyone really does have until the last day of January to get those in the mail.
Of course, there's always an exception. Up until a couple of years ago, brokerage firms have met the January 31st deadline in mailing out 1099s. However, some of the investments held in the account haven't submitted finalized tax information in time for the 1099s to be accurate and thus, some brokerage firms have had to send corrected forms in February. In order to minimize the confusion for taxpayers, tax preparers, and the IRS in sorting through the multiple copies, brokerage firms have been given a new deadline of mid-February to get the original 1099s mailed.
The other exception is for the issuance of K-1s that are generated from some trusts, limited partnerships, farms, estates and business entities. The deadline for issuing these K-1s is April 18th.
So, for those of us who are eager to get our returns completed and mailed off as fast as possible, it really won't do any good to call before the first week of February to check up on the status of tax documents being mailed. If you haven't seen anything by late February, please feel free to contact our office and we'll track down the pieces you are missing.
P.S. For those of you who are looking for tax assistance this year, keep in mind that we provide tax return preparation through our sister company, Intregrated Tax Services, which is available to existing JBA clients.
