Businesses are required to file Form 1099-MISC for any non-corporate (individual, sole proprietor, partnership, LLC) vendors to whom $600 or more is paid for services during the calendar year. While Forms 1099-MISC are not required to be filed until January 31, now would be a great time to review your records for completed Forms W-9 from your vendors. You should have on hand a completed W-9 for each vendor that performs services for your business. The W-9 will give you all of the information you will need to file a complete 1099-MISC at the end of the year, including the vendor’s name, address, and Employer Identification Number or Social Security Number. The vendor will also indicate their tax classification (corporation, partnership, etc.). If the vendor indicates that it is a corporation, you do not need to send a 1099-MISC to them. You should keep this form as the vendor’s representation to you that they do not need to receive a 1099-MISC. You can find a copy of the W-9 here.
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