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Unreported interest payments for prior years
April 23, 2024
Q. I just learned that our company began paying interest to a couple of entities in 2022. We will certainly send out 1099-INT forms for 2024, but I'm wondering if we need to send out INT forms for 2022 and 2023? What is the best way to handle this?
A.
(Answered by IOFM's third-party tax experts)
If your company made interest payments above the threshold to non-exempt recipients in the tax years 2022 and 2023, these payments were reportable. Payees who did not provide you with a Form W-9…
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