Finance Questions? Ask a Financial Expert for Answers ASAP
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Is the owner obligated to send both the tenant & the IRS a 1099? What happens if the owner just sends the 1099 to the IRS BUT NOT to the tenant? How could the tenant find out if a 1099 was sent out to the IRS but not to him? Also, what month are 1099s normally sent out?
If the IRS sent me a letter asking me to correct the error, would I be acessed penalities and how much would they be?