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Discussion:W9 Who's resposible

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Discussion Forum Index --> Basic Tax Questions --> W9 Who's resposible


Discussion Forum Index --> Tax Questions --> W9 Who's resposible

Roxy2109 (talk|edits) said:

21 March 2013
Today I received a letter from a vendor stating we reported his TIN incorrectly on the 2012 1099 we mailed him. This letter also states his business changed from a sole-properitor to an LLC electing S-corp status as of 2010. I checked my files and we received nothing informing us of this change until today. We filed the 1099 in 2010, 2011 & 2012 under the sole-properitor's TIN not the LLC's TIN as we did not have this info until today. I can correct the 2012 as the electronic files have not yet been submitted to the IRS. DO I need to go back and file with the IRS corrected 1099's for 2010 and 2011 for this vendor? Also will my company be subject to the $50 penalty for each correction? The signature date on the new W9 is 3/12/13. Any guidance is appreciated. Also you can point me to the reg or pub so I can document this that would be great.

Sandysea (talk|edits) said:

21 March 2013
No, you should not have to change if no inconsistency listed for previous years. As an LLC electing S corp status and is a pass through, then the payments made to the person (if sole member of LLC) is the same as the S corp officer whose name and SSN is on record for the pass through. The client can simply put on return the correct TIN of the 1099 and no harm, no foul.

I would however correct per the clients request for 2012.

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