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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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- Completing W-9s (11)
- Corporation (4)
- Featured (6)
- Form 1099 (17)
- Individual/Sole Proprietor (4)
- LLC (5)
- Requesting W-9s (13)
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
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