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Payments issued to multiple individuals and attorneys
October 12, 2022
Q. We occasionally have situations where a payment is issued to two or more individuals, an individual and their attorney, or multiple attorneys. There are various payee combinations that could occur. Is there any guidance from the IRS on how to report when multiple payees are listed? Should we collect tax IDs from all payees and send each of them a 1099 for the full amount?
A.
(Answered by IOFM's third-party tax experts)
The facts of each situation, as it arises, need to be examined to…
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