January 19, 2021 Articles

Checking Boxes and Your Forms: Why Understanding IRS Forms 1099 Is Key

IRS Forms 1099 allow computer matching of Social Security numbers with dollar amounts paid and received. Learn more about Forms 1099, changes in tax reporting, and how they can affect your practice.

By Robert W. Wood

In most cases, Forms 1099 report income, so if you receive a Form 1099 in the mail, open it and check the numbers. You may not be able to change it, but you’ll usually need to report it on your tax return. Errors in reporting do occur, of course, so if you believe a Form 1099 is wrong, you may be able to get the issuer to correct or undo it. But that is usually tough unless it’s truly an error. 

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