Episode 15: Fixing 1099 Errors & Filing Corrections

You filed your 1099s.Now you found a mistake.What do you do?In this episode of Information Return Intelligence, I break down:✅ Why we file 1099s in the first place (hint: it’s about IRS matching programs and tax compliance)✅ How the IRS actually uses the data you submit✅ What kinds of errors matter (and which ones don’t)✅ When you are required to file a correction✅ The key August 1 deadline that can help you avoid penalties✅ The de minimis dollar error rule ($100 / $25 for backup withholding)✅ Why first name and address errors generally don’t trigger penaltiesRemember: the IRS computer matching system primarily keys off the last name/business name and TIN, along with the dollar amount Information Return Intelligence…. If those are wrong, you may have a problem. If they’re not? You may not need to panic.If you discover an error, fix it. In most cases, correcting by August 1 keeps you penalty-free — especially if you’re correcting 10 or fewer forms.This episode is practical, tactical, and designed for AP professionals, controllers, and anyone living in the information return world.🎧 Listen weekly for fast, focused updates on:1099-NEC & 1099-MISC1042-SBackup withholdingCP2100 letters & B-NoticesIRS matching programsAnd everything else in the information return ecosystemIf you work with 1099s, this podcast is for you.— Jason Dinesen