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1099 for Payments Made for Legal Settlements

edited Sep 24, 2020 9:08PM in Payables, Payments & Cash Management 2 comments

Summary

We have an issue where legal settlements are paid to an attorney but the IRS requires a 1099 to the attorney and a 1099 to the attorney's client for the same amount.

Content

We have a few instances in which we are required to issue a settlement payment to an attorney. The payment is for a settlement that the attorney will pay his/her client. IRS section 6041 and 6045 state that the payor is responsible for issuing a 1099 to the attorney as well as the client for the same amount. Since this is one payment that is made to the attorney does anyone know if it can be flagged somehow in Oracle Fusion in order to create another 1099 for the client as well?

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