1 rich Libsyn https://www.libsyn.com 90 600 In this episode, compliance expert Jason Dinesen joins host Grace Berube to walk through what AP teams should do when they discover an error on a filed 1099 or realize they missed filing one altogether. Jason explains how the IRS’s matching process actually works, which errors matter and which ones don’t, and how the penalty structure gives teams more breathing room than they might expect. He also covers what happens when a form should have been filed but wasn’t and closes with a brief history lesson on the 1099’s void box. WHAT YOU’LL LEARN IN THIS EPISODE Why the IRS files 1099s the way it does — and how understanding the computer matching process clarifies which errors actually need to be corrected. Which errors don’t require a correction at all — including wrong first names, outdated addresses, and small dollar discrepancies that fall under the de minimis threshold. Which errors do need to be fixed — including wrong last names, incorrect taxpayer ID numbers, significant dollar amount errors, and forms filed in the wrong box or on the wrong form type. How the August 1st correction deadline works, what it means for penalty exposure, and what to do if you discover a form that should have been filed but wasn’t. What the void box on a 1099 actually is, where it comes from, and why it’s largely a relic of the paper-filing era. The IOFM Podcast https://www.iofm.com <iframe title="Libsyn Player" style="border: none" src="//html5-player.libsyn.com/embed/episode/id/41668815/height/90/theme/custom/thumbnail/yes/direction/forward/render-playlist/no/custom-color/88AA3C/" height="90" width="600" scrolling="no" allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen></iframe> https://assets.libsyn.com/secure/item/41668815