Accountant corner! 1099 Information from your preferred accountant partner, McKonly& Asbury, LLP.
Hello SS Franchise Partners – Happy Summer! We are in the middle of the year and we wanted to touch base with you in regards to upcoming annual compliance relating to IRS Form 1099s. One of the best practices for 1099 requirements is to collect a completed W-9 form from new vendors before making the first payment.
Now would be a perfect time to review year to date (YTD) payments made to applicable vendors during 2017. This includes coaches, royalties, rent, professional fees and other service related items. Applicable vendors who have been paid more than $600 should have a current W-9 form on file.
We would recommend contacting vendors for whom you are missing W-9 forms to make sure you have one on file prior to the end of the year. Please find a copy of the W-9 form with the general instructions at the IRS website with the link below.
Additional correspondence relating to 1099s will be coming later this year. If you have more questions or would like additional information, please contact Lindsay Young. Lyoung@macpas.com or 717-972-5752 (direct).