Back to the Future: Tax Edition — Correcting SSN/TIN Issues Before the IRS Repossesses the Delorean

Every January, businesses race to issue Forms W-2, 1099, and 1099-NEC, but a small typo in a Social Security Number (SSN) or Taxpayer Identification Number (TIN) can turn into a surprisingly expensive sequel. The IRS requires information returns to include a correct name/TIN combination. If the name doesn’t match the TIN — or the TIN is missing entirely — the IRS can assess substantial penalties and interest.