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2022 refund for 2021 payment
March 2, 2022
Q. A payment was issued to a vendor in 2021 and cashed by vendor in 2021 for an event scheduled to begin in 2022. We notified the vendor that we were canceling the event during the time the vendor was in the process of cashing the check. The vendor refunded us in 2022 and we reported it as income on 1099-NEC. Do we need to correct since the payment was returned?
A.
(Answered by a 3rd party, independent advisory services firm offering experienced and practical help for tax regulatory compliance…
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