Does Your Business Utilize 1099-Eligible Entities?

Does your business work with or utilize independent contractors, freelancers, and/or other unincorporated entities that may be 1099-eligible?

If so, is your 1099 information for each eligible entity complete and up to date?

As the year winds down, take the time to review your records to make sure you have current and complete information for 1099-eligible entities. If you have incomplete information, be sure to request an updated/current Form W-9 from those entities.

Whether you handle 1099s internally, use a tax professional (ex: CPA) or third-party, gathering and updating 1099 information now will alleviate the stress of the January filing rush.

As a best practice, request a Form W-9 whenever working with new entities if they don’t proactively include one with their first invoice and make this part of your standard intake/onboarding process.