If your business issued Forms 1099 for 2021, you may soon hear from the IRS. Twice a year, the IRS sends notices (CP2100 and CP2100A) informing financial institutions, businesses and other payers that issued Forms 1099 about errors or omissions. If the names and/or taxpayer ID numbers (TINs) on the 1099s are missing or don’t match IRS records, you’ll be asked to update your records and provide corrections. The same notices also inform payers of the need for backup withholding if: at the time of payment, you don’t have a TIN on file that’s been certified by the payee; the IRS informs you that a TIN was incorrect; or the IRS states that the payee failed to report income on a tax return. Call or visit our website for more information! www.mjscpa.com/
