Form 1099-NEC Payer's name

Technical topics regarding tax preparation.
#1
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California
Client has a Form 1099-NEC needed to be corrected. After e-filing the Corrected Form 1099-NEC, I found a typo in the business name of the Payer on the Corrected form. It is just a one-letter error.

Let's say the business name is "Best Taste Restaurant', I have mistyped 'Best Tast Restaurant' on the Corrected form.

The EIN is correct though. I have tripled checked on it.

Is this a non-issue and nothing needs to be done since the EIN is correct?

Or would that possibly cause a problem with the IRS to match the Corrected Form 1099-NEC with the originally filed one?
 

#2
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The Office
Given the fact pattern, I would correct it going forward and not worry about it.
 

#3
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Alabama
The IRS only matches the TIN with the "name control," which is (up to) the first 4 letters of the entity's name (use surname in the case of an individual).

In your example, the name control for both "Best Taste Restaurant" and "Best Tast Restaurant" is "BEST." If the EIN is assigned to any entity or individual whose name control is BEST, then it will pass the IRS EIN-name checking.

If it will pass that, then I wouldn't file a corrected Form 1099.
 


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