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Business & farm
Thanks Tom, I appreciate the quick response! That confirms my suspicion of not changing the 2019 1099. Now for 2020, there are 2 scenarios:
Scenario 1: If the $5,000 retainer is refunded in 2020, is there anything that needs to be reported?
Scenario 2: The $5,000 is refunded in 2020, but the attorney also bills us $2,000 for services performed (for the same case the $5,000 retainer was meant for) and we pay in 2020. Would we report $2,000 in 1099 box 7 in 2020, even though we already reported the retainer in 2019?
ā€ˇFebruary 11, 2020
9:03 AM