1099s - Crunch timeSubmitted by Prosperity Advisors on February 2nd, 2019
by Joel Morrison, CFP®, CFS®
Over the course of the past several years, the IRS has extended the deadlines for 1099s. The reason is that mutual funds and other investments like REITs and UITs were issuing 1099 information, and then reclassifying it (for accounting reasons). That resulted in amended 1099s, which was incredibly irritating to people who had already filed their taxes with their original 1099s. So, the IRS extended the deadlines to avoid amended 1099s and thus amended returns. This results in a lot of people having to delay filing their tax returns (and a resulting crunch for tax preparers).
If you have questions about this, contact Prosperity Advisory Group and talk to one of our advisors.