* The Collection Of Irs Form W-9s
Data From The 1098-t Recipients.
Ramsey said that employer identification number, or EIN, belongs to the Eugene Sister Cities Foundation, which is the EIN the Eugene/Kathmandu Sister City Association always has used on various tax forms, such as W-9s
Also take time to review all of your contractor agreements from the beginning of the year to the present date to confirm that you have W-9s
and reseller permits for all of them.
Following up on errors is just as easy, with the software generating new W-9s for collecting the correct information.
* Electronic storage & association of scanned W-9s
While the new requirements won't change much in the way of accounting software, if a nonprofit has the ability to scan documents, like W-9s and 1099s, it will make their lives a lot easier, according to Steve Glauber, senior systems engineer with Serenic Software.
Breland suggested nonprofits start collecting Form W-9 now for all vendor payments, not just payments for services to non-corporations and consider validating vendor TINs by signing up for the IRS'TIN Matching service (866-255-0654).To transfer the reporting burden to another entity, Breland suggested obtaining purchase cards for vendors they often purchase goods and supplies from, since the provision exempts credit or purchase cards, leaving it up to the credit card company to worry about filings.
By outsourcing the process, apartment firms gain a trained staff of data entry and customer service representatives who ably obtain and monitor current Certificates of Insurance (COIs) and W-9s and perform background checks on principals and employees.
Much, Vice President of Risk Management Services, Village Green Companies, says using an electronic database "is a timesaver for property managers who no longer need to maintain copies of each vendor's certificates and W-9 forms."
He had four McCormick-Deering W-9s
: two on rubber and two on steel.
Additionally, you can add a "compliments of your firm" message to the top of W-4s, W-9s
, and other government documents.
Make sure the system will allow you to automatically create Internal Revenue Service 1099s and W-9s
for everyone who is required to receive these forms.