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1099 reporting by company being sold

November 20, 2023
November 20, 2023


Q. We recently sold one of our many divisions. I am wondering what would be the correct way to do 1099 reporting for the payments that we made from that location. Are we able to report the payments that we made and the new owners send 1099s for any payments that they make for the remainder of the year (preferred)? Should we provide data for all of the 1099 payments that we made to the new company and allow them to send 1099s for the entire year's payments? A. (Answered by IOFM's third-party tax…

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