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Record retention for 1099s
October 3, 2024
Q. We have old 1099 information stored on a server. Can you tell me how long you have to keep/have access to 1099s?
A.
(Answered by IOFM's third-party tax experts)
A payer should retain a copy of Forms 1099 as filed to the IRS, or be able to reconstruct the data relied upon to prepare the 1099s, for a period of three years from the reporting due date, or a period of four years if there was backup withholding or for 1099-C forms (see IRS Publication 1220 and Pub. 5717). Information should be…
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