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New 1099-NEC needed due to voided check?
July 31, 2024
Q. A 1099-NEC for TY2023 was issued for all payments made in 2023, then an uncashed check issued in 2023 was voided in 2024. Do we need to issue an amended form for this voided check adjustment? This payee doesn't have business in 2024 to adjust in current tax year. Please advise.
A.
(Answered by IOFM's third-party tax experts)
Payments you make to a recipient are reportable for the tax year the income was constructively received by the payee (see reg. sec. 1.451-1 and 1.451-2). In this…
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