* Robert W Wood explains “IRS Forms 1099 Can Be Wrong. Here’s What You Can Do About It” at FORBES.COM.
Do not just assume a 1099 form you receive to report income is correct. Always check the form against your own records. And also check to make sure the Social Security number is correct. Not just Form 1099-NEC but also 1099s from banks and other payers for interest and dividend income.
A bank may issue one Form 1099-INT for all the accounts – savings, money market and CDs – that belong to the same name and Social Security number. There may be 6 or 7 accounts listed on a 1099-INT. It is important to verify each account listed on the form to make sure all of them belong to you. One of my clients received a 1099-INT last year with someone else’s account, that earned $300+ interest, included in the listing! Had he not carefully checked the form he would have paid close to $100.00 in unnecessary federal and state income tax. If you find an error on a Form 1099-INT go to the bank immediately and request a corrected form.
* The IRS “Tax Time Guide” tell us to “Use Where’s My Refund? tool to track refund status”.
* It’s that time of year again – “Dirty Dozen tax scams for 2025: IRS warns taxpayers to watch out for dangerous threats”.
* The saga continues. Russ Fox reports “BOI Reporting Again Voluntary” at TAXABLE TALK.
* NJ has changed its previous policy regarding the $50 property tax credit for senior and disabled homeowners who don’t have to file a state income tax return, The NJ Division of Taxation explains “How to Claim Your Property Tax Credit for 2022 and 2023”.
TTFN
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