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Record retention requirements for 1099 forms
December 19, 2024
Q. How long are you as a issuer of a 1099 form required to retain the records of those forms that are sent to you vendors?
A.
(Answered by IOFM's third-party tax experts)
A payer should retain a copy of Forms 1099, 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 retained for as…
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