Issuing 1099’s can become less cumbersome if you create an internal SOP for collecting W-9’s appropriately. We’ve written a brief SOP for you to help us help you!
Please ensure that for all
- Service providers,
- Rents paid for property lease or equipment,
- Interest paid to non-financial institutions or individuals
That you obtain a completed W-9 PRIOR to issuing a payment.
Otherwise, it becomes difficult to collect a W-9 after the payment has been issued.
Also, be sure that if the LLC box is checked, that the type of LLC is indicated- either:
C – C Corporation,
S – S Corporation, or
P – Partnership
If a Single Member LLC, then, be sure to select instead Individual / sole proprietor or single-member LLC
You may find a link to form W9 from the IRS here:
If we are issuing 1099’s for you, ensure that you forward the W9’s as you receive them by uploading to your AB FinWright LLP secure portal.