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1099-NEC issued to a company that was later dissolved
January 30, 2024
Q. We have a vendor who I issued a 1099-NEC for with the name and TIN we were provided with and had on file when making payments in 2023. We were notified in the middle of January 2024 that the name and TIN we have on file is no longer valid as the company has been dissolved. Since we were notified of this after payments have already been made and the 1099 has been issued to the IRS. Are we required to do a correction?
A.
(Answered by IOFM's third-party tax experts)
No, there's no correction…
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