"Back Paying" Income Taxes [U.S.]?
When I was young and stupid a few years ago, I took a job that I thought was salary originally with properly handled taxes (W-2) and whatnot and it ended up being a 1099 contracting gig that wasn't communicated properly. I was overwhelmed by the tax burden because I was unprepared for it and didn't pay my taxes for that year.
Out of fear and not having enough money to do much about it, I kept putting off and putting off the payment of my taxes so that I'm a few years behind now. I'm in a much better place, financially, and believe I can handle the burden of "back paying", so to speak, the taxes that I owe to the Government and I WANT to fix this screw up. I just don't know how to go about doing it. I lost the 1099's from the company I was working for and they dissolved, so I can't really get them back.
What can I do and how should I go about fixing this problem?
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The correct, legal way to handle this would be to file an amended return for that year (probably best to talk to a CPA).
If you don't have the 1099, the IRS has a process to handle that here. It sounds like they would just try to contact the employer themselves, but it doesn't say exactly what would happen if the employer is out of business.
In your shoes, I would approach a CPA familiar with back tax issues and have them prepare your old returns, gathering as much information as they can. Only once you have all your forms and payment ready, approach the IRS ready to settle up.
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