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Unclaimed property reporting that spans tax years
November 8, 2023
Q. If Company A issues a check that later gets reported to unclaimed property, does Company A need to do an amended 1099-MISC if it crosses tax years?
A.
(Answered by IOFM's third-party tax experts)
No, because the payment (assuming it was a 1099 reportable payment) was correctly reported for the year in which it was issued and made available to the payee. Reference federal tax regulations sec. 1.451-2 on constructive receipt of income.
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