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Reporting a payment that was made in error and accepted by the vendor
February 7, 2024
Q. We issued a payment to an individual in calendar year 2023 and they cashed the check. Now that they have received a 1099 for that payment, they tell us that the payment was issued to them in error. In researching, we did determine they should not have received this payment. Do we need to issue a corrected 1099 showing $0.00? They have not issued a refund to us for the incorrect payment?
A.
(Answered by IOFM's third-party tax experts)
When the recipient cashed the check, that gave them actual…
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