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    Ron Oren's Avatar
    Ron Oren Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Aug 7, 2008, 06:45 PM
    How to amend 1099 form already sent
    As a business owner, I sent a few 1099 for 2007 for my sub-contractors (all of them were filed in time, before 01/31/08).
    I just realized that due to accounting error, I should have reported a higher amount of some of them. Can I send my sub-contractors (and to the IRS) an amended 1099-MISC form that includes the right amount this time. Is there a penalty for that?
    The amount I reported on the tax return is the correct (and higher) amount.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Aug 8, 2008, 08:52 AM
    If the difference between what was originally reported and what is correct is less than $200, I would not bother. That falls into the de minimus category.

    Otherwise, yes, an amended Form 1099-MISC should be filed and sent to both the IRS and the state.

    Not sure about the penalty, but if there is one, it should not exceed $50 per amended 1099.
    LauraHall's Avatar
    LauraHall Posts: 1, Reputation: 1
    New Member
    		  
    #3

    Apr 11, 2013, 10:33 AM
    I just found out that one of our vendors gave us an incorrect fein number.

    When I amend my 1099's, do I just submit only his 1099 and enter the correct id number?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Apr 13, 2013, 09:56 PM
    Yes, I believe that is what you need to do.
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