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1099 reportability for an attorney payment
October 12, 2022
Q. We have a legal settlement with payment to an attorney. with the releasor listed as an authorized representative for two others. Thus we understand our 1099 filing to the attorney; the question regards the beneficiary. Is the releasor considered the beneficiary or who is being represented?
A.
(Answered by IOFM's third-party tax experts)
Form 1099 reportability would have to be determined according to the language of the settlement agreement. There can be situations in which one person is…
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