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Updating 1099NEC Reporting for Vendor's Change in Tax Status
March 12, 2025
Q. We received a call from a vendor who was expecting a 1099NEC from us. The W9 form they sent to us has them listed as an LLC C-Corporation so they were not set up to receive a 1099 form.They have since sent the updated W9 form showing them as a Partnership.
We have already sent our file to the IRS. Do we need to send the IRS an updated file for this one vendor when they did not provide us with the correct information?
A.
(Answered by IOFM's third-party tax expert)
Yes, issue a 2024 1099 to…
Naturally, this forum doesn’t allow the kind of full information exchange necessary for the Institute of Finance & Management (IOFM) to provide legal advice and the Expert is not a tax attorney in any event. Please understand that the nature of our responses are limited by these constraints as well as the site’s Terms of Use. If you have further questions or suggestions about how we can improve IOFM, please let us know.
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