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Always get a W-9 before paying your vendors!
Getting a W-9 form before you make the first payment to a new vendor or independent contractor is critical and will save tremendous time at year-end and reduce potential IRS penalties. A W-9 form provides you with the vendor’s legal name, TIN number, tax classification, address, and exemption/FATCA status. This information is then used to process a 1099 form at year-end if required. Getting W-9s upfront will help you avoid many headaches and streamline your year-end W-9/1099 process. Avoid backup withholding –
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- Completing W-9s (9)
- Corporation (2)
- Featured (4)
- Featured Article (1)
- Form 1099 (13)
- Individual/Sole Proprietor (4)
- LLC (3)
- Requesting W-9s (10)
Get ready for the new 1099-NEC and changes to 1099-MISC filing
New Form 1099-NEC The IRS is making big changes to the 1099-MISC form by reviving the 1099-NEC form. Beginning with the 2020 tax year the
How to fill out a W-9 form
What is a W-9 form and why is my customer asking for it! So one of your customers has asked you to complete a W-9
IRS Launches Gig Economy Tax Center
This past week the IRS launched a brand new Gig Economy Tax Center on IRS.gov to help people working in the gig economy understand and
IRS updates backup withholding CP2100 and CP2100A notices
IRS updates backup withholding CP2100 and CP2100A notices On November 14, 2019, the IRS issued a statement that they had redesigned the CP2100 and CP2100
IRS Proposes NEW 1099-NEC form PLUS best practices for managing W-9 forms.
I recently had the pleasure of joining Debra Richardson on her weekly podcast to discuss the new proposed Form 1099-NEC form and best practices for
Form 1099 penalties are ridiculously high. What you must do NOW to avoid them.
Implement strong procedures today, don’t wait until year-end. I know the deal, having been a controller for 20 years. You got through the 1099 season and
Avoid the penalty, 1099-MISC and 1099-NEC due dates for 2021
The importance of filing timely The IRS has gotten serious about 1099-MISC and 1099-NEC due dates. Penalties have risen significantly and they apply separately to copies sent
Does a W-9 form have to be signed?
Most companies ask for all W-9 forms to be signed. However, it is a relatively unknown fact that the IRS does not require most W-9
What is a 1099-MISC form?
The 1099-MISC form is known as an “Information Return” Form 1099 is one of many forms that the IRS requires to be sent to individuals