Episode 373: TY 2025 Handling Corrections For IRS Forms 1099-NEC, 1099-MISC and 1042-S
Thu Feb 05 2026
Congrats! You made the deadline for sending 1099-NEC and 1099-MISC recipient statements to your vendors and the related IRS tax filing deadline for the 1099-NEC. Then your phone starts ringing with vendors, and now you have corrections to what you reported. Or your organization has multiple entities and you realized income was reported for vendors using the wrong organization. Or that file in IRIS or FIRE has an error status…. Now what?
Keep listening.
Check out my website www.debrarrichardson.com if you need help implementing authentication techniques, internal controls, and best practices to reduce the potential for fraudulent payments, compliance fines or bad vendor data. Check out the Vendor Process Training Center for 173+ hours of weekly live and on-demand training for the Vendor team.
Links mentioned in the podcast + other helpful resources:
IRS Publications: IRIS: Publication 5717 (Rev. 1-2026) https://www.irs.gov/pub/irs-pdf/p5717.pdfFIRE: Publication 1220 (Rev. 9-2025) https://www.irs.gov/pub/irs-pdf/p1220.pdfFIRE (1042-S): Publication 1187 (Rev. 9-2025) https://www.irs.gov/pub/irs-pdf/p1187.pdfIRS Page: Information Return Penalty Chart https://www.irs.gov/payments/information-return-penalties Customized Vendor Validations Session: https://debrarrichardson.com/vendor-validation-sessionFree Download: Vendor Validation Reference List with Resource Links https://debrarrichardson.com/vendor-validation-downloadVendor Process Training Center - https://training.debrarrichardson.comCustomized Fraud Training: https://training.debrarrichardson.com/customized-fraud-training Free Live and On-Demand Webinars: https://training.debrarrichardson.com/webinarsVendor Master File Clean-Up: https://www.debrarrichardson.com/cleanupYouTube Channel: https://www.youtube.com/channel/UCqeoffeQu3pSXMV8fUIGNiw More Podcasts/Blogs/Webinars www.debrarrichardson.comMore ideas? Email me at debra@debrarrichardson.com Music Credit: www.purple-planet.com
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Congrats! You made the deadline for sending 1099-NEC and 1099-MISC recipient statements to your vendors and the related IRS tax filing deadline for the 1099-NEC. Then your phone starts ringing with vendors, and now you have corrections to what you reported. Or your organization has multiple entities and you realized income was reported for vendors using the wrong organization. Or that file in IRIS or FIRE has an error status…. Now what? Keep listening. Check out my website www.debrarrichardson.com if you need help implementing authentication techniques, internal controls, and best practices to reduce the potential for fraudulent payments, compliance fines or bad vendor data. Check out the Vendor Process Training Center for 173+ hours of weekly live and on-demand training for the Vendor team. Links mentioned in the podcast + other helpful resources: IRS Publications: IRIS: Publication 5717 (Rev. 1-2026) https://www.irs.gov/pub/irs-pdf/p5717.pdfFIRE: Publication 1220 (Rev. 9-2025) https://www.irs.gov/pub/irs-pdf/p1220.pdfFIRE (1042-S): Publication 1187 (Rev. 9-2025) https://www.irs.gov/pub/irs-pdf/p1187.pdfIRS Page: Information Return Penalty Chart https://www.irs.gov/payments/information-return-penalties Customized Vendor Validations Session: https://debrarrichardson.com/vendor-validation-sessionFree Download: Vendor Validation Reference List with Resource Links https://debrarrichardson.com/vendor-validation-downloadVendor Process Training Center - https://training.debrarrichardson.comCustomized Fraud Training: https://training.debrarrichardson.com/customized-fraud-training Free Live and On-Demand Webinars: https://training.debrarrichardson.com/webinarsVendor Master File Clean-Up: https://www.debrarrichardson.com/cleanupYouTube Channel: https://www.youtube.com/channel/UCqeoffeQu3pSXMV8fUIGNiw More Podcasts/Blogs/Webinars www.debrarrichardson.comMore ideas? Email me at debra@debrarrichardson.com Music Credit: www.purple-planet.com