As you prepare for tax season, here is some information that you may find beneficial.

2016 Form 1099 mailing schedule
  • January 31 - Mailing of Form 1099-Q and Retirement Tax Packages
  • February 15 - Mailing of original Form 1099s
  • February 28 - Begin mailing delayed and amended Form 1099s
  • March 15 - Final mailing of any remaining delayed original Form 1099s
Additional important information

Delayed Form 1099s
In an effort to capture delayed data on original Form 1099s, the IRS allows us to extend the mailing date until March 15, 2017, for clients who hold particular investments or who have had specific taxable events occur. Examples of delayed information include:
  • Income reallocation related to mutual funds, real estate investment, unit investment, grantor and royalty trusts; as well as holding company depositary receipts
  • Processing of Original Issue Discount and Mortgage Backed bonds
  • Expected cost basis adjustments including, but not limited to, accounts holding certain types of fixed income securities and options.
What can you do?
You should consider talking to your tax professional about whether it makes sense to file an extension with the IRS to give you additional time to file your tax return, particularly if you held any of the aforementioned securities during 2016.
  
If you receive an amended Form 1099 after you have already filed your tax return, you should consult with your tax professional about the requirements to re-file based on your individual tax circumstances.

You can find additional information at

We hope you find this additional information helpful. Please call us if you have any questions or concerns about the upcoming tax season.
 
 


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