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Managing Returned 1099s for Deceased Recipients
March 27, 2024
Q. We mailed a 1099 and it was returned because the recipient was deceased. We do not have any other information on file for this recipient. How would a situation like this be handled?
A.
Answered by IOFM's third-party tax experts.
Any payee statements returned to you as undeliverable should be kept (including the envelope the 1099 was mailed in) for a period of four years. This is advised based on Reg. sec. 31.6051-1 and 31-6001(e)(2). There is a general requirement to attempt due diligence…
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