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Correcting a 1099 issued several years ago
January 10, 2024
Q. If a payment was issued in 2020 and 1099 was issued in 2020 and the payment was voided in 2023, are we required to do a 1099 correction?
A.
(Answered by IOFM’s third-party tax expert Jason Dinesen, LPA, EA, of Dinesen Tax & Accounting ([email protected]). Dinesen is an Enrolled Agent, licensed by the Federal Government and authorized by the U.S. Department of Treasury to provide tax preparation advice, services and representation.)
There is a 3-year statute of limitations on 1099s, same…
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