1099 reporting issuance of an uncashed check

February 12, 2024
February 12, 2024


Q. We issued a 1099-NECc to a contractor for $1,000. The contractor claimed to never have received a $500 check issued in February 2023. We confirmed that the check is still outstanding at the bank. Stale-dated/escheatment issues aside: As the new amount will be below the threshold of $600, do we need to issue a corrected 1099 to the contractor? As the new amount will be below the threshold of $600, do we need to issue a correction with the IRS. And if so, how? We submit electronically, but…

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