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10 Best Practices for 1099 Compliance in 2021
10 Best Practices for W-9/1099 Compliance in 2021 Organizations are required to report certain “reportable” payments made in the course of their trade or business to the IRS. This process is known as “Information reporting”. There are over 30 information tax returns that are required to be submitted to the IRS. This process allows the IRS to cross-check the income reported from these organizations with the income reported on an individual and entity’s tax return. This in turn helps increase the likelihood
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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
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
Am I required to complete Form W-9?
Why is my customer asking for a W-9 form? Companies that make payments in the normal course of their business are required to report certain
IRS proposes changes to electronic reporting requirements
The IRS has proposed regulations amending the rules for determining whether information returns must be filed electronically. The proposed regulations would require that all information
What is the purpose of Form W-9?
Form W-9 is an IRS created form used by an individual or an entity, like a company, to request the taxpayer identification number (TIN) and other information from parties they
Do I have to request a W-9 from a corporation?
Summary The Internal Revenue Code (IRC) states that payments to corporations generally do not have to be reported on an information return like Form 1099-MISC.
What is the difference between an individual and a sole proprietor?
Definition of a sole proprietor The IRS defines a sole proprietor as “someone who owns an unincorporated business by himself or herself.” It is the