INSIGHTS & IDEAS

Brokers give until February 16, 2010 to provide customers with year-end tax statements (Form 1099-B)

It may take a little longer to accumulate tax data for filing 2009 tax returns.  The IRS has granted a two week extension to February 16th for brokers to supply customers with Forms 1099-B summarizing data that must be recorded on income tax returns.  Formally the due date was January 31st of each year.  While this may delay the preparation of some tax returns, it will hopefully avoid the prior year practice of brokers issuing corrected 1099’s requiring the amendment of early filed returns.

 

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