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Unclaimed property reporting that spans tax years

November 8, 2023
November 8, 2023


Q. If Company A issues a check that later gets reported to unclaimed property, does Company A need to do an amended 1099-MISC if it crosses tax years? A. (Answered by IOFM's third-party tax experts) No, because the payment (assuming it was a 1099 reportable payment) was correctly reported for the year in which it was issued and made available to the payee.  Reference federal tax regulations sec. 1.451-2 on constructive receipt of income. 101296

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