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Get a W-9

When you pay someone, we recommend that you always get a completed W-9 from them. Some vendors or contractors will tell you that you do not need to 1099 them. That may be true but a W-9 is still a smart idea as it is your responsibility to determine who needs to receive the 1099 and your vendor may not know all the situations and regulations that may require issuing them a 1099. The IRS recommends that you collect and keep a W-9 on file for 4 years. This is a legal document that provides you with the contractor’s name, address, taxpayer ID, Social Security number or EIN you will need to properly file a 1099.

The responsibility falls on your business to file a 1099 that is filled out correctly and on time by the IRS’s due date.

Penalties for incorrect filings, late filings or not filing at all can cost anywhere between $50 to no limitation per return, depending on the circumstances. Before any work is performed, make sure you have a W-9 in hand. You do not want the work you just paid for to cost you more than expected.

ZümiFi has internal procedures to track new vendors and request W9s. Ideally, we recommend our clients set a policy that any new vendors must submit the completed W9 before they receive their first payment. So get that W9 form, and make your 1099s at year end a breeze!

We are here to help stay in compliance!

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Get a W-9

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