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Vendor and Employee review for upcoming year end reporting

Posted by Suzi Posted on Oct 02 2013

In preparation for the upcoming year-end, we would like to remind you to make sure all your vendor information is correct for any 1099?s that you may have.  Please be sure to have the following information updated: payee legal name, identification number [Federal Identification Number (EIN) or Social Security Number (TIN)], and their complete mailing address.  You are required to file a 1099-MISC if, in a calendar year, you made payments of $600.00 or more to an individual, partnership, LLC or attorney(s) (regardless of entity classification), for services, rents or subcontracting services. 


Also, if we prepare your payroll, please verify that we have their correct name, social security number and mailing address, so we have accurate information when preparing their W-2?s for 2012. Keep in mind that bonus pay is considered compensation and must be included in payroll calculations, for W-2 reporting purposes.