It's come to my attention that we sent the wrong Payer ID on some of our 1099 INT forms. We have an on balance sheet sweep product that we were supposed to report the interest under the ID of the company we have performing the sweeps.

We reported the 1099 INT as being paid by us. Do I need to do any type of correction with the IRS? with my customer?

My customer received a 1099 INT as they should, does the IRS care who paid it to them? I know the other company didn't also file one because they thought we did.

I searched the IRS website and BOL but could not find anything regarding this situation.

Any insight would be greatly appreciated.

Most of these "on-balance" sheet sweeps violate Reg. D. If the company is paying the interest - how do they end up in your account records to report? Sounds like you have numerous problems.