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Reporting of business interruption payments
January 30, 2024
Q. I work for an insurance company. Are business interruption/income replacement payments to our insureds (resulting from property damage claims, for example) required to be reported on a 1099 issued to our insured?
A.
(Answered by IOFM's third-party tax experts)
Yes, for business interruption, because the payment is a replacement for ordinary business income.
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