One of the most important aspects of vendor management is reporting 1099s to the IRS. This form reports all payments made to independent contractors and non-employees exceeding a certain threshold in any given year. As such, it is important to maintain accurate records of all payments made to vendors and ensure they are reported accurately. The penalties for failure to do so can be severe, so staying on top of this is essential.
#1099s #irscompliance #bookkeeping #bookkeepingservices

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