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Correcting a 1099 that should not have been issued
February 11, 2022
Q. In the event I issued a 1099 to an entity that is not 1099 reportable, am I required to void the 1099?
A.
(Answered by Sovos, a 3rd party software, services and education provider offering assistance in tax regulatory compliance for Forms W-9, W-8, W-2, 1099, 1098, 5498, 945, 1042, 1042-S, Canada, Quebec, Puerto Rico and State Reporting.)
If you issued a 1099 to an entity that does not require one and filed that return with the IRS, you are required to correct said return in order to…
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