What is the correct 1099 reportable name? We have set up our vendor database to pay invoices against any COB name, but the actual 1099 form and 1099 IRS filing is tagged to the business owner's name, per the W-9 we received from the vendor.

Follow

If we understand your question correctly, you have a Form W-9 where the business owner's name appears in the Name box, the company name in the Business name box and the company's tax ID is populated in the employer tax ID box. Your 1099 reporting is picking up the owner's name from the Name box. Based on these facts, IRS information agent Tom (#1005946) indicated that your current 1099 reporting is correct.

However, if you want to report by company name, you should get a corrected W-9 from the vendor on which the company name is entered in the name line. Then the company name would appear in your system's 1099 reporting, and the Name box would be populated by the business name. (This can be done provided that the company's TIN is an EIN and not a social security number—if the TIN is a SS#, then the owner's name must be in the name box.)

It is possible to get varying interpretations from the IRS. The IRS acknowledges this and therefore pledges to honor the advice provided to you by an IRS agent. As an extra precaution, we recommend that you call the IRS Information Reporting hotline directly at (866) 455-7438, where you can ask a live agent this same question. Document the agent's name and number along with the answer.

Have more questions? Submit a request

Comments