Handling unfiled 1099s for acquired company

April 25, 2021

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Q. We recently acquired a Canadian entity that we found has a few US subsidiaries. Although they are smaller we have found that they were not aware of 1099 filing requirements. We are in the process of correcting this moving forward however wanted advice as to if we are required to file anything for the prior years at this point. If prior years are required, do we submit to IRS as well as old forms to each company, or at this point would the IRS be the only one notified? What are potential…

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