Owe Back Taxes?

Stealth IRS campaign mandates millions of new 1099 tax forms
The massive expansion of requirements for businesses to file 1099 tax forms that was hidden in the 2,409-page health reform bill took many by surprise when it came to light last month.

Read more on CNNMoney.com via Yahoo! Finance

for some that don’t have more than $10 in interest I did not receive a statement. Do I have to report this income?

I recieved a 1099, a portion of which was paid to another individual. I see the instructions on the IRS on how to do this, but I don’t know how to file the forms, or where to get them. The instructions say that I can do it electronically. I need to figure out how to tell the IRS about the money I paid, and send a 1099 to the individual. Can anyone help?

This is the first time I have received one of these. The interest income totaled $53. I don’t remember getting a check from them for this amount. I had $1,500 or so overpayments the last two years. I didn’t think the IRS would pay you interest for the amount of time they had your overpayment. With as low as interest rates were around this time I wouldn’t think that would add up to $53 in interest.

The description reads: The amount of interest paid to you in the calendar year shown (2005) is on an overpayment of federal tax.

$53 bucks in interest I never expected. Is this the new IRS I’ve been hearing about?
I checked my Direct Deposit activity and indeed my expected return amount deposited for Tax Year 2004 was $53 higher than what was on my form.

There are so many people that send too much through their employer withholdings and get back a big check. I always thought it was a shame because that money could be in a bank but some people don’t have the necessary savings skills. Now at least they are getting interest on it, albeit not at the best rates I’m sure.

So the question remains… Is this common? Has the IRS done this for some time or is it new?
Someone asked below: “Is it possible that your refund was held up by the IRS for some reason?”
I don’t think the IRS was at fault for any delay in refunding me the money. I did file an extension to send in my return in August instead of April 2005. I would think they wouldn’t pay interest for that time they had my refund because it was me holding them up on sending it out. Are they just really nice now?

A roofing company performed services on the roof of a property I own without my consent in order to get a rebate from the state electric company energy incentive program.A contract was issued & fraudulently signed by the contractor salesman and my tenants.This voided the warranty on my roof. I contacted the roofing company and they agreed to replace the roof, and I opted for a settlement for damages caused,equivalent to their cost of replacing the roof.They have given me a check for the agreed settled amount but requested that I sign a W9 in order to send me a 1099 next year. I have a problem with this as this is not income to me, but rather compensation for damages caused by their negligence for performing unauthorized services on my property.They insist they will file a 1099 and I am telling them I should not pay taxes for their damages. I have everything well documented and the backup from the Pwr/Light Co.HELP,what can I do what are my rights…I have not cashed the check.HELP HELP
MoB…..thanks for your answer. This was a mutual settlement out of court. Contractor did not want me to report him and offered to replace the roof, but since I had roofed the house (with another roofer 13 months prior) the roof was new…red shingles and they applied a white sealant over the new shingles that is not reversible, I requested a settlement for damages caused.Contractor paid what he said would cost him to re-roof so I am certain he would not have given me a W9 should I have reroofed. He received money from FPL from the energy program, and now he wants to benefit as an expense to me? Something is wrong here? If later on something happens to my roof, I will not be able to replace it for the amount he is paying since that is his cost but a fair settlement between us, and he has voided the warranty I had only 13 months before. I have the check and I want to stop this so it can be clarified. Can you offer more help…..please. I should have gone to court on this but nice me??

Taxpayer Alert: 1099 Traps Multiply This Year
Bank consolidations, stock options, and 1099-R changes could create problems. Here’s how to stay out of the IRS’ crosshairs.

Read more on Forbes

I am planning on purchasing a second home and renting out my primary. I have live there for about 3 years (after 2, becomes primary). If I can not rent my home, I am planning to do a short sale or at worst, let it go into foreclosure. From what I have read, the IRS will forgive a home if it is your primary resident. Does anyone no if there is a way around a 1099 claim?