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Vendor changing from S-corp to LLC mid-year
February 1, 2023
Q. We have a vendor that changed tax status mid-year from an S Corp to a single-member LLC. Are we required to only report the payments made in the latter half of the year when the company was identified as an LLC? If so, when do we determine the date they changed tax status? Is that the date the vendor notified our company? What if the vendor notifies our company well after their official change with the IRS?
A.
(Answered by IOFM's third-party tax experts)
Yes, the Form 1099 filed for 2022…
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