Simple fix for common A/P headache
It’s a maddening scenario for your Accounts Payable pros: After a Herculean effort to get all 1099s out on time, a corrected return needs to be submitted because of a Taxpayer Identification Number (TIN) issue.
While it’s impossible to completely prevent this problem, a common mistake occurs more often with a particular type of vendor: Medical practices or physicians.
The mix-up occurs because physicians often group their office name with a personal TIN — or they include their practice’s TIN with their own personal info.
So if your business has to report payments to medical practices and/or physicians, it’s probably a good idea to tell your A/P staffers to be extra vigilant — to avoid any TIN issues later on.
- Share on
Free Training & Resources
White Papers
Provided by Personify Health
Further Reading
The big January 31 filing deadline for Form 1099-NEC is almost here! Organizations must not only put Form 1099-NEC into the hands of pay...
Let’s be real: The enthusiasm behind real-time (or instant) payments stems almost entirely from the seller’s side of B2B. After...
Businesses may be losing more through accounts payable than they realize – and most of it never shows up as a line item. A new report ...
A lot more contractors and businesses like yours that receive payments via CashApp, PayPal or Venmo have been bracing for getting a 2022 Fo...
Ever wondered why Excel features a currency format as well as an accounting format? You’re not alone. The reason is, creating Exce...
A rule that hadn’t changed since 1954 may be getting an update. The IRS has proposed eliminating the 1099 filing requirement for paym...
