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Have you ever found yourself scrambling during the last week of January to track down a Federal Identification Number or addresses of 1099 recipients?
The 2019 Form 1099 Report Forms are due to recipients by January 31, 2020. Now is the time to review your vendor list to determine if you have the appropriate information in order to complete the 1099’s. Best practice is to collect Form W-9 from each vendor during the first transaction and then request an update annually.
However, if you find that you don't have an updated W-9, being proactive now will prevent frustration in January!
You can access/download the following docs to ensure a seamless process:
- Instructions for Form 1099 - MISC
- Form 1099 Recommendations
- Form W-9 to request the required information from your vendors.
Feel free to reach out if you have any questions regarding 1099 filing or need assistance.