Do we need to correct a 1099 at the request of the vendor?

April 4, 2019


Q.¬†We have a W-9 on file from a vendor which includes an EIN and it indicates that the federal tax classification is Individual/SP (which may or may not be correct). They just updated their W-9 for us and it has a different EIN number than the previous W-9 and the federal tax classification is LLC-Corp. We issued the 2018 1099 based on the original information we were given. This was the only information we had on file until 2/22/19. They are now requesting that we correct the 2018 1099 to…

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Naturally, this forum doesn’t allow the kind of full information exchange necessary for the Institute of Finance & Management (IOFM) to provide legal advice and the Expert is not a tax attorney in any event. Please understand that the nature of our responses are limited by these constraints as well as the site’s Terms of Use. If you have further questions or suggestions about how we can improve IOFM, please let us know. 
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