We have been informed by the IRS that if a 1099 is submitted with an incorrect payee address, you do not have to complete a corrected 1099 and submit to the IRS. You may certainly create an updated 1099 to provide to your client for his/her records, but the IRS does not need a corrected 1099.
However, if the payee name and address are incorrect, a "Second Correction" will need to be completed and the corrected 1099 and a new original 1099, will need to be submitted to the IRS.
Please click here to review the 1099 User Guide for additional information on completing corrections.
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Articles in this section
- A Return was Filed when one should not have been (e.g. Another Preparer Submitted the 1099 to the IRS)
- Completing a Correction for a 1099 that was Submitted Using ftwilliam.com's Fulfillment Service
- Correcting an Incorrect Payee Address
- Correcting an Incorrect Payer Name and/or TIN
- Correction Types
- Important Notes to Remember when Completing Corrections