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Reporting of fees refunded by a vendor
January 13, 2023
Q. If a vendor returns fees that were paid to them, and reported on a prior year 1099, should we issue a corrected 1099 for the year the fees were reported to the IRS, or issue a 1099 for the current year the cash was received from the vendor?
For example, we received a refund last month from a vendor for a fee we reported on their 2021 1099. Should we issue a corrected 2021 1099 for them reducing the total reportable income by the amount of the refund, or report the refund on a 2022, 1099…
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