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Correcting 1099s — What You Need to Know
Manage episode 403789352 series 3221063
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IOFM receives a lot of questions about the process for correcting 1099 filings, and even whether a correction is necessary in the first place. In this podcast, we speak to Jason Dinesen about the circumstances under which it might be necessary to issue one. What if the recipient’s name was spelled wrong? What if the dollar amount or a TIN number was incorrect? What if a check was never cashed? And what should your approach be for correcting a 1099 if the recipient simply requests it?
Jason also explains the importance of filing a correction by the deadline, and the method by which it must be filed, whether electronically or in paper form. He adds that the consequences of failing to correct errors or for issuing too many incorrect 1099s in the first place can result in fines for each mistake, an amount which can become consequential for a large organization that produces a lot of these forms.
Listen now to discover must-know information about how to meet your filing obligations and avoid the financial impact and IRS scrutiny that comes from non-compliance.
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