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Updating Vendor Tax Status and 1099 Reporting: A Guide for Your Company
March 12, 2025
Q. My company setup a vendor based on the W9 received back in Jan 2024 (W9 signed/dated Dec 1, 2023). The tax status selected by the vendor on the original W9 was LLC-S. Consequently, my company did not issue 2024 1099 to the vendor. However, the vendor contacted my company on Feb 21, 2024, asked for 1099 form and provided updated W9 (signed/dated Feb 21, 2025). The updated W9 tax status is LLC-P. How should my company proceed? Should we issue 2024 1099 to the vendor?
A.
(Answered by IOFM's…
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