Incorrect 1099s

February 21, 2019


Q.  If a 1099-misc was issued to a vendor for an incorrect amount, and the correct amount puts them below the $600 1099 reportable threshold, would we correct the 1099-MISC by updating Box 7 to the correct amount that was paid to the vendor, or does Box 7 need to be zeroed out? If a 1099-MISC was issued to a corporation for an incorrect amount and a 1099-misc should have never been issued since the payments were to a corporation, do we need to correct the 1099-MISC form and reissue the…

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