Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Display Modes
  #1 (permalink)  
Old 03-16-2011, 03:46 PM
Junior Member
 
Join Date: Mar 2011
Posts: 2
Smile 1099 Misc corrections for previous years

I have a vendor who has asked that we send them a corrected 1099 for the year 2008. How do we go about correcting information on a 1099 for the year 2008 and can we even do that?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 03-17-2011, 11:56 AM
Moderator
 
Join Date: Oct 2010
Posts: 2,754
“I have a vendor who has asked that we send them a corrected 1099 for the year 2008. How do we go about correcting information on a 1099 for the year 2008 and can we even do that?”--> As his 1099-MISC is wrong he needs to get an amended copy right away. He can do this by notifying the paying company, you, that the 1099 you sent does not match his records. By law the company, payer, is required to investigate his claim and send him a new 1099-MISC if there were changes made. There is never a wrong time to do the right thing. As long as the government has records of receipt of gross income, then it is your duty to rebut the wrong evidence, no matter how old it is, because sooner or later, they will use it to come back to you and demand that you either file or pay. You need to create a corrected 1099-MISC (check the corrected box at the top of the form) and send the recipient their copy.Then you submit the corrected form to the IRS using Form 1096. The 1096 form has instructions for how to fill it out for corrected statements.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #3 (permalink)  
Old 03-17-2011, 01:09 PM
Junior Member
 
Join Date: Mar 2011
Posts: 2
Thanks for the info. One more question...do I have to obtain the 1099 and 1096 forms for 2008 or can I use this years forms? Just asking because trying to contact IRS right now is a nightmare!!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #4 (permalink)  
Old 03-18-2011, 12:23 AM
Moderator
 
Join Date: Oct 2010
Posts: 2,754
“do I have to obtain the 1099 and 1096 forms for 2008 or can I use this years forms? Just asking because trying to contact IRS right now is a nightmare!!”---->If filing on paper, use 1099 form for 2008 to report 2008 information following the detailed instructions provided by the IRS. For example, as you file 2008 1099-MISC information on a 2008 1099-MISC form. You must file 2008 1096 FORM that matches the year of the 1099 forms being filed. Copy A of Forms 1099 and Form 1096 must be filed on preprinted red drop out ink forms when filing on paper



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
1099 misc akgirl Miscellaneous 0 12-15-2010 01:43 PM
1099-misc fuzzybritches15 S-Corporation 0 10-20-2010 07:55 PM
1099-misc jmecooper Income 1 02-12-2009 06:20 PM
Student Loan Repayment reported on 1099. Two years on 2008... TX Ciclista Income 0 01-29-2009 08:57 PM
filings from previous years dpalmer Filing Requirements 1 07-30-2008 08:59 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning