Re: Any accountants here? - Saab General Bulletin Board - Saabnet.com
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Re: Any accountants here?
Posted by NHWayne [Email] (more from NHWayne) on Fri, 5 Feb 2010 16:42:02
In Reply to: Any accountants here?, Noel, Fri, 5 Feb 2010 14:20:41
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If you are relating it to a 1099, as long as the business is in fact incorporated, 1099 reporting is not necessary (though you are most certainly welcome to if you wish - some companies issue 1099's for all payments). You don't even have to reach the magic $600 mark to issue one either.
If you are questioning the validity of the business, most states have some kind of online entity check for business names. If you want to issue a 1099, and they refuse to give you their FEIN (usually via the w-9), just issue them one without it stating the FEIN was not available.
If you ever get questioned about it, tell them the business refused to give the information to you. Make sure you have a copy of the posted check to show that they received the payment and cashed the check. It would be nice to have a copy of the reverse to show the endorsement and bank processing, but now days most banks just return checks via an image of the front only as part of the statement. That should be good enough though as you will have visual confirmation of the payee of the check(s) as written, and the statement will show the check(s) were processed through your account.
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