Corrected 1099 M??

[erchess]

I get back from mailing my client's forms only to find a message on my voicemail from this client. An individual's social security number is now available and we have a corrected address. Note that a form without his ssn and with the wrong address is already in the mail to the wrong address. I assume that on the new form I will mail tomorrow that I should check the box to indicate that it is a corrected form. Next, what do I do in terms of my report to the IRS that is due at the end of next month?

[S T]

correcting 1099 Misc form

I think, since you have not sent in the Government copies yet, do not mark as correction, just make the necessary correction of SSN and address on the Red copies.

On the recipient copy, issue a new recipient copy and mark the corrected box. Make sure the payor has retained both copies (the erred copy as well as the corrected copy)

CORRECTED checkbox. Enter an “X” in the corrected checkbox only when correcting a form previously filed with the IRS or furnished to the recipient. Certain errors require two returns to make the correction. See Filing Corrected Returns on Paper Forms on page GEN-7 to determine when to mark the “CORRECTED” checkbox.

Also see the link and then go to page Gen-7 http://www.irs.gov/pub/irs-pdf/i1099gi.pdf

Sandy

[erchess]

I mailed him the wrong copy

at an old address. Doesn't that constitute providing it to him?

[Black Bart]

Yes.

at an old address. Doesn't that constitute providing it to him?

Sending it to the last-known address constitutes a "mailing."

I wouldn't worry about it though; I have yet to ever see or hear of a penalty being assessed against anyone for the late furnishing of a 1099 to a taxpayer (IRS doesn't seem to have much interest in this). On the other hand, penalties for late mailings to the IRS are routinely imposed (they're very interested in this).