Listen to or watch the podcast on this subject: https://podcasts.dinesenmedia.com/show/information-return-intelligence-1/correction-deadline-approaching-to-avoid-penalties/ A key deadline is looming for corrections of 1099s to avoid penalty. That deadline is August 1. Let’s examine. Late-Filing Penalties The IRS can assess penalties against you for filing a 1099 with incorrect information on it. This is true even if you filed the…
Question: If Company A issues a check to a payee, then later, Company A has to reissue that same check due to the payee losing the check, does Company A need to do an amended 1099-NEC if it crosses tax years? Answer: No. The question is asking about an organization issuing a check in, say,…
What do you do when you discover an error on a 1099? Or perhaps you discover that you should have sent a 1099 to someone, and now the deadline has passed? This article will help you with the process and alleviate some of your concerns. Types of Errors Errors can come in many different varieties….
