ROCK HILL, SC / ACCESSWIRE / July 5, 2023 / Operating a business comes with a variety of financial responsibilities, one of these is requesting tax information from any vendor or independent contractor that the business makes transactions with throughout the tax year.
Collecting this information is crucial when tax season begins and business owners are required to file 1099 Series Forms to report certain payments made to their vendors and independent contractors. Forms 1099 cannot be filed successfully with the IRS without the recipient's TIN (Taxpayer Identification Number).
Form W-9 is an IRS Form that's sole purpose is to collect tax information from vendors, the vendor must complete the form and sign it to certify that the information provided is accurate. It is not enough to provide a TIN on 1099 Forms, if the TIN doesn't match what the IRS has on record, this will result in a rejection. To counter the possibility of an IRS rejection, TaxBandits has introduced a TIN Matching Feature to their W-9 Manager.
Avoid IRS Form Rejections with TIN Matching
TaxBandits TIN Matching feature is a great addition to the W-9 Manager, a tool that allows their clients to request, collect, and store W-9 information from one secure location. To ensure that the information is accurate, TaxBandits validates the TIN that each vendor provides using IRS records. If a TIN doesn't match what the IRS has on record, TaxBandits will notify the client so they can follow up with their vendor for an accurate number before the 1099 filing season.
An Overview of the TaxBandits W-9 Manager
Traditionally, businesses have printed paper copies of this form and sent the request to their vendor by fax or mail. This often results in a time lag in receiving important information, never receiving it, or receiving incorrect information with no way of knowing it. TaxBandits moves this outdated process online from start to finish.
- The Business Requests Form W-9
TaxBandits eliminates the administrative time wasted on this process by bringing it completely online. With TaxBandits, businesses can easily enter their vendors' names and email addresses and request W9 via email. This can be done in bulk, or one request at a time.
- Vendors Receive, Complete, and Submit W-9
Once the vendor receives the email, they will be prompted to complete the W-9 using the secure TaxBandits portal and provide their electronic signature. Once completed and signed, the vendor can submit the W-9, and they will also receive their own copy.
- The Business Accepts and Stores Form W-9 Information
Once the vendor has submitted their W-9 Online, the business will be notified. They can even set their preference for notifications. The business can review and either accept or reject the W-9 as needed.
Easy and Accurate 1099 E-filing at the Year-end
Storing TIN information securely in their TaxBandits account is a great benefit for clients when it comes time to file 1099s for the vendors at the end of the tax year. The TIN that the vendor provided can be pulled when filing the 1099 Form. This eliminates both the administrative time wasted in requesting the information and the last-minute stress of gathering the information to file 1099 forms.
To get started, create a free account today at www.taxbandits.com and request the first 5 W-9 Forms for free.
When asked about the new TIN Matching feature, Agie Sundaram, the CEO and Co-founder of SPAN Enterprises, the parent company of TaxBandits stated, "The TaxBandits team is always advancing the features and functionality of our application. Enhancing the W-9 Manager is another way that we can ensure our clients file 1099 Forms accurately and efficiently this tax season."
About TaxBandits
The 1099 and W-2 experts! TaxBandits is a SOC 2 Certified, IRS-authorized e-file provider of 1099 Form, Form W2, 1095-B, 1095-C, 940, 941, and W-9, serving businesses, service providers, and tax professionals of every shape and size. Additionally, TaxBandits API provides a comprehensive electronic filing solution to all service providers, enabling seamless processing of Forms 1099, W-2, 941, 940, W-9 API & TIN Matching API
About SPAN Enterprises
Based in Rock Hill, South Carolina, SPAN Enterprises has been developing industry-leading software solutions for IRS e-filing and business management tools for over a decade.
The SPAN Enterprises portfolio of products includes TaxBandits, Tax 990, ACAwise, ExpressExtension, 123PayStubs, and TruckLogics.
For any media inquiries, please reach out to Stephanie Glanville, Content Writer at [email protected].
SOURCE: TaxBandits