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.
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