A vendor requested that we update their 1099, as they changed tax ID information at the beginning of 2015. We did not receive an updated W-9, so the payment was issued with the entity’s old name, which they were able to bank.


Q. (cont.) Do I update the 1099 information for the full year, or do I go from the point in which we were notified of the entity change (2016)? I have not filed with the IRS, so I am still able to make the correction in my software before submitting.        

A. I spoke to IRS reporting specialist Mr. McLaughlin (#1002957178), who advised that since you have not yet filed, you should report all 2015 payments on a single Form 1099-MISC bearing the correct entity name, including those that were made to the old, incorrect name. He stressed it is important to always use the correct information going forward, and referred to the General Instructions for Certain Information Returns available on the IRS website.

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