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Reporting of a refund to an individual after the business was closed
August 2, 2021
Q. We had a client who sent us a payment and we in turn issued the payment to a carrier. The client cancelled the policy and we need to issue a refund to the client however, they sold their business and now after 2 years want the check issued to him personally. I am guessing we would need to issue him a 1099 because the check is being issued to him vs. his business however, wanted to confirm.
A.
(Answered by a 3rd party, independent advisory services firm offering experienced and practical help…
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