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Tax Peas ~ a quick question about sending a corrected 1099 after 1/31
Post Reply . Post New TopicPosted 2/2/2013 by CaLeslie in NSBR Board
 

CaLeslie
PeaNut

PeaNut 227,346
October 2005
Posts: 232
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Loc: So Cal

Posted: 2/2/2013 3:43:09 PM
We sent a client a 1099 about 3 weeks ago for misc income. While going
through paperwork I just realized the amount was incorrect. We sent it for $16,500 and it should have been $16,200. Now that the January 31st deadline has passed will we have to pay a penalty for sending a corrected 1099? The client has never called to let us know it's wrong but I'm glad I caught it now rather than after taxes had been done. TIA!

needmysanity
PeaFixture

PeaNut 380,372
June 2008
Posts: 3,955
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Posted: 2/2/2013 4:23:58 PM
I think the penalty is only for late 1099's not for corrected ones. I have sent out corrected ones in May and never had an issue.



~Steph~

wife, mom, accountant & CASA advocate...loving my life in Central CA

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scraphop
PeaNut

PeaNut 430,489
July 2009
Posts: 437
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Loc: Arkansas

Posted: 2/2/2013 5:34:16 PM
There is no penalty for a corrected 1099. I would send the amended one as soon as possible.


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CaLeslie
PeaNut

PeaNut 227,346
October 2005
Posts: 232
Layouts: 0
Loc: So Cal

Posted: 2/2/2013 5:40:02 PM
Thank you two so much! I'll have our CPA send them out on Monday.
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