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1099 reporting to a qualified settlement fund
March 28, 2023
Q. We are issuing a taxable settlement for a class action lawsuit. The payment will be sent to plaintiff counsel's trust account. The plaintiff counsel will issue individual checks to each claimant. Do we also need the claimant's W-9 before issuing the payment to plaintiff counsel?
A.
(Answered by a 3rd party, independent advisory services firm offering experienced and practical help for tax regulatory compliance for Forms W-9, W-8, W-2, 1099, 1098, 5498, 945, 1042, 1042-S, and state…
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