Now Is The Time To Verify Information Needed for 1099-MISC’s and 1099-NEC’s

Businesses that pay $600 or more for services or rents during the year should review vendor information to make sure they have what they need to prepare the required forms at the end of the year.

Do you have the correct legal name for each person or business along with their tax ID number, and address on file? If not, November is the perfect time to update your records.

The best way to collect this information is to ask all vendors and service providers to complete IRS form W-9 and return it to your business.

Vendors and service providers are required to provide this information by law, so if someone refuses just hold their next payment until they provide what is required.