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Threshold for submitting a corrected 1099-NEC
February 7, 2024
Q. Is there a threshold for submitting a corrected 1099-NEC? We have a vendor in reconciling his records to the form received, which has found that he never received a payment of 87.50. 1. Are we required to submit a corrected form? 2. If there is a threshold for a single payment, please advise what the amount is and where I can find additional information. Also if we void the payment and re-issue a check will this be recorded as income for the vendor in 2024 as well? My thought is that we can…
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