Showing posts from June, 2014

Avoiding Incorrect 1099 Vendor Information, and B-Notices, and Penalties

In our last post, we talked about penalties. This post will go in-depth on avoiding penalties. Using the vendor management tools in can save you a lot of hassle, and maybe some money. helps protect you against incorrect filings, and the corresponding penalties. Reporting Vendor Information As you know, you should collect a W-9 from a vendor before you begin paying that vendor. You can gather either a paper or an electronic W-9. 

Collecting and storing paper W-9 forms can be time-consuming. You may have to distribute many copies of W-9 forms, as paper seems to have a propensity to get lost. You might need to buy folders, tabs, or even a filing cabinet to keep track of the forms. W-9 forms contain personal information. Storing this information in a secure location can be cumbersome. A good alternative to collecting and storing paper W-9 forms is W-9 e-solicitation. enables you to request W-9 forms from your vendors. If you select this service, the vendo…