IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

1099 correction file format

February 12, 2024
February 12, 2024


Q. We have a situation where we submitted our 1099-NEC e-file to IRS. A few day later we found out that for one of our vendors we sent out the wrong amount; also their TIN# was blank on the file as well. I read section of the publication 1220 about correction files and I'm just trying to clarify what type of format to use, whether one-transaction format or two-transaction format? A. (Answered by IOFM's third-party tax experts) Follow the two-transaction procedure, instructions on page 18 of IRS…

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