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Old 07-19-2017, 04:08 PM
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Company Paid Vendor. No Ssn To Give 1099

DOES ANYONE KNOW WHAT THE PROCEDURE IS IF A COMPANY PAID A VENDOR MORE THAN $600 (REQUIRED TO GIVE A 1099), BUT CANNOT GET IN TOUCH WITH THE VENDOR TO GET A SSN/EIN.

NO BACKUP WITHHOLDING WAS WITHHELD, ALTHOUGH THAT IS WHAT SHOULD HAVE BEEN DONE.

PLEASE ADVISE.

THANK YOU.



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Old 07-19-2017, 08:58 PM
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DOES ANYONE KNOW WHAT THE PROCEDURE IS IF A COMPANY PAID A VENDOR MORE THAN $600 (REQUIRED TO GIVE A 1099), BUT CANNOT GET IN TOUCH WITH THE VENDOR TO GET A SSN/EIN.=======>> aslongas the payer has an independent contractor to whom the payer paid more than $600 during the year, the payer must file a Form 1099-MISC with the IRS. A 1099-MISC gets issued when a payer pays an unincorporated
business or person for work done in the normal course of
trade or businessThe payer needs a W9 form , an IRS form, but the payer does not send it to the IRS. Instead, the payer typically gets one from a vendor, and its purpose is to record vendor?s tax identification number, along with the vendor?s personal info, i.e., name and address.So, in general, the payer needs to contact the independent contractor stating that the payer needs to file a 1099-MISC, and needs appropriate taxpayer identification numbers, either EIN/SSN#;when a payer were in a 1099 situation, the payer would backup withhold
if the payee refused to give the payer a TIN,i.e., EIN/SSN#.

So, unfortunately, the payer may not be able to efile a Form 1099-MISC without either an EIN or an SSN. However, since the payer doesn?t have the SSN or EIN the payer needs for completing a 1099-MISC, try to get this information from the payee before the filing deadline. If you, the payer ,can not get this information before the deadline, go ahead and enter all zeroes in the space where a SSN or EIN would go. This will trigger an alert with the IRS, and they?ll be in touch for clarification, but filing this way will allow you to hit your deadlines, even if the payee isn?t being helpful. Once you receive a letter from the IRS, you can provide the records you have kept showing you made reasonable attempts to collect the proper identification information. If there?s cause for a penalty in your case, your records will show you did everything required of you, and the IRS will go after the payee for that penalty.




NO BACKUP WITHHOLDING WAS WITHHELD, ALTHOUGH THAT IS WHAT SHOULD HAVE BEEN DONE====>As mentioned above; you may contact an Enrolled Agent or a CPA doing taxes in your local area for more info in detail



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