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| Hope everyone is staying warm out there. I have been reading a lot of talk about the Syngenta 1099 issue and it got me to thinking: Why do some large companies NOT send out 1099's? I sell grain to two outlets, my local cooperative and to ADM Grain. I receive a 1099 from my coop but not from ADM. Also, I do not receive a 1099 form from my local sale barn where I sell my feeder calves. All in all, it's north of $200,000 of income per year between ADM and the sale barn that I don't get a 1099. It's not a big deal on my end because I keep all the records of those sales and list them on my Schedule F, but if the IRS looks at my return it shows that I report a lot more income than my 1099 forms account for. Again, not a big deal to me because I report all that income, but it would be nice if my tax return matched my 1099's more accurately.
On a side note, I was talking about this with some other people. A couple of them said "If I don't get a 1099, I don't report the income". They were talking about the grain sales to ADM specifically. My jaw about hit the floor. I can't sleep if I make a $500 mistake on my taxes; I couldn't imagine not reporting my crop income for lack of a 1099!!!!!!
Anyway, just wondering how many others have wondered the same thing. Thanks for reading.
Edited by Krakow1993 2/16/2021 16:09
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Large companies like ADM not sending 1099 forms for income
