W9

January 30th: This is the day that people usually call me in a panic because they’ve just figured out they’re supposed to send 1099s out and they don’t have the necessary info from the payee...

Repeat after me: starting now, I will not pay any vendor a dime until they provide me with a valid W9.

Now, you know you’re covered. If they refuse, find someone else to work with. You are running a legal, ethical business. You should expect nothing less from the people you work with. If you’re not, then I guess you’re not worried about sending 1099s.

The Fine Print

This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction. IRS Circular 230 Notice: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in the entries in this blog (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.