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How should an LLC fill out a W-9 form correctly? SSN vs EIN
Limited Liability Companies The W-9 form seems like a simple form with only a few fields to be completed. However, the requirements for limited liability companies (LLC) are really complex and confusing. From our experience the largest number of incorrect W-9s come from LLCs. The best way to understand how LLCs should fill out W-9s forms is to first understand the four types of LLCs tax classifications and then look at the requirements for each. This will then help us determine what
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- Completing W-9s (10)
- Corporation (2)
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- Form 1099 (13)
- Individual/Sole Proprietor (4)
- LLC (4)
- Requesting W-9s (11)
Get ready for the new 1099-NEC and changes to 1099-MISC filing
New Form 1099-NEC The IRS has made big changes to the 1099-MISC form by reviving the 1099-NEC form. Beginning with the 2020 tax year (to
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
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
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
What is a TIN number?
A Taxpayer Identification Number (TIN) is an identification number used by the Internal Revenue Service (IRS) in the administration of tax laws. It is issued
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