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1099 reporting payments made to the wrong vendor
January 15, 2024
Q. In 2023 my company made payments to the wrong vendor. The vendor will return the funds to my company in 2024. The mentioned vendor is 1099 reportable. Should we issue 2023-1099 form to the vendor we made payments in 2023 and issue a corrected 1099 for zero dollars when we receive the funds back? Maybe someone can suggest how to handle this 1099 issue.
A.
(Answered by IOFM's third-party tax experts)
If the payee cashed the checks in 2023 (or received direct deposit into their account in 2023,…
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