Mid Year W-9 Review

Simplify Year-End with a Mid-Year W-9 Review

As we near the mid-year mark, it's crucial to prepare for a smooth year-end financial close. At MJ Webb Bookkeeping, we help manage W-9 forms and preparing for 1099’s. This is a service that we offer to our existing clients and that are available to new clients looking to enhance their financial processes.

Why Early Collection Matters

To ensure compliance and ease in financial reporting, it is critical to collect a completed W-9 from every service-based vendor or contractor before they are paid. This proactive approach not only prevents compliance issues and simplifies year-end reporting but also mitigates the risk of not receiving timely responses (or no response at all!) if you wait to collect these forms months after payments have been made. Now is an ideal time to review and secure any missing W-9 forms from service-based vendors or contractors you've paid since the start of the year.

How We Help

1. Verify Collection: We regularly ensure that all necessary W-9s are collected and up-to-date, a standard part of our bookkeeping services for all clients.

2. Organization: MJ Webb Bookkeeping aids in digitizing and organizing these documents for easy access and management.

3. Review: Our team reviews vendor information and the payment threshold to determine if a 1099 needs to be issued. This step is crucial for ensuring compliance and avoiding IRS penalties.

4. Plan Ahead: By handling these details now, we help you dodge the typical end-of-year scramble, ensuring a seamless process for meeting IRS 1099 deadlines.

To our valued clients, thank you for trusting us with your financial management. We're always here to support you and make your financial operations smoother and more efficient.