00:00:19Introduction to W-9 Management
00:01:26Ensuring 1099 Completeness
00:01:41Annual W-9 Collection Best Practices
OM DENNE EPISODE
Welcome to The Profit Constructors! Join Tonya Schulte as she delves into the vital process of collecting and managing W-9s in the construction industry. In this episode, Tonya shares expert tips to help you stay compliant with 1099 reporting requirements, ensuring a seamless workflow through effective organization.
Discover the importance of making W-9 collection a standard part of your vendor onboarding process and learn how to safeguard sensitive information using digital tools like Knowify and QuickBooks Online. Tonya highlights the significance of verifying form completeness and the benefits of annual updates to keep your records current.
By implementing these essential practices, you can significantly reduce the stress and complications often associated with year-end financial reporting. Tune in and master the W-9 process to enhance your construction business operations.
Engelsk
USA
VIS NOTER 🔗
UDSKRIFT 🔗
WEBVTT
00:00:00.000 --> 00:00:10.320
Music.
00:00:10.616 --> 00:00:15.316
Hi guys, Tanya Schulte here with The Profit Constructors. Let's talk about how
00:00:15.316 --> 00:00:19.496
to collect and manage your W-9s in the construction trades.
00:00:19.876 --> 00:00:24.196
This is really crucial for you to stay compliant with 1099 reporting requirements
00:00:24.196 --> 00:00:27.236
and with just a little bit of organization on the front end,
00:00:27.456 --> 00:00:30.596
you can definitely save yourself a lot of headache on the back end.
00:00:30.836 --> 00:00:36.876
So the first thing is always collect a W-9 before you issue the first payment.
00:00:37.096 --> 00:00:39.896
Let's just make this a regular part of your onboarding process.
00:00:40.076 --> 00:00:43.656
Whenever you're going to start working with a new vendor, make sure you're collecting
00:00:43.656 --> 00:00:47.956
those W-9s up front first before we ever send them any money.
00:00:48.216 --> 00:00:52.376
That way they know and you know that everything has been done correctly.
00:00:52.956 --> 00:00:57.036
The second tip I would say is use digital tools appropriately.
00:00:57.416 --> 00:01:02.616
Whether you're storing the information in Noify or QuickBooks Online or even
00:01:02.616 --> 00:01:07.336
saving these documents that you're given in some sort of secure online folder,
00:01:07.616 --> 00:01:13.356
there are all kinds of ways you can do this, but do take note that I set a secure online folder.
00:01:13.756 --> 00:01:17.316
Please do keep in mind that there are often sensitive pieces of information
00:01:17.316 --> 00:01:21.936
on these forms, and we do want to take good care of other people's sensitive
00:01:21.936 --> 00:01:25.196
personal information and not just be throwing these things out willy-nilly.
00:01:26.416 --> 00:01:31.056
The third thing that we definitely want to do is verify completeness on the 1099.
00:01:31.336 --> 00:01:34.016
We want to make sure the form is fully filled out, including name,
00:01:34.316 --> 00:01:38.996
business type, and taxpayer identification number, and just making sure that
00:01:38.996 --> 00:01:40.536
those are in the appropriate places.
00:01:41.296 --> 00:01:45.676
Another best practice is to go ahead and collect them once a year.
00:01:45.936 --> 00:01:49.336
People move, sometimes business addresses change.
00:01:49.676 --> 00:01:53.896
It's just a good idea to keep in mind that not everything is always going to
00:01:53.896 --> 00:01:55.256
stay the same year over year.
00:01:55.396 --> 00:01:58.796
And even if you're working with the same vendor or subcontractor for a long
00:01:58.796 --> 00:02:03.436
time, aspects of their business may have changed. So it's a great idea to just
00:02:03.436 --> 00:02:07.536
regularly make it a part of your process to collect new information from them
00:02:07.536 --> 00:02:10.236
and make sure you're issuing the 1099s appropriately.
00:02:10.696 --> 00:02:15.596
So as we said, by just following a few tips and keeping everything organized
00:02:15.596 --> 00:02:20.036
at the beginning, you'll save yourself a lot of headache and hassle at year end.
00:02:20.720 --> 00:02:27.202
Music.
00:00:00.000 --> 00:00:10.320
Music.
00:00:10.616 --> 00:00:15.316
Hi guys, Tanya Schulte here with The Profit Constructors. Let's talk about how
00:00:15.316 --> 00:00:19.496
to collect and manage your W-9s in the construction trades.
00:00:19.876 --> 00:00:24.196
This is really crucial for you to stay compliant with 1099 reporting requirements
00:00:24.196 --> 00:00:27.236
and with just a little bit of organization on the front end,
00:00:27.456 --> 00:00:30.596
you can definitely save yourself a lot of headache on the back end.
00:00:30.836 --> 00:00:36.876
So the first thing is always collect a W-9 before you issue the first payment.
00:00:37.096 --> 00:00:39.896
Let's just make this a regular part of your onboarding process.
00:00:40.076 --> 00:00:43.656
Whenever you're going to start working with a new vendor, make sure you're collecting
00:00:43.656 --> 00:00:47.956
those W-9s up front first before we ever send them any money.
00:00:48.216 --> 00:00:52.376
That way they know and you know that everything has been done correctly.
00:00:52.956 --> 00:00:57.036
The second tip I would say is use digital tools appropriately.
00:00:57.416 --> 00:01:02.616
Whether you're storing the information in Noify or QuickBooks Online or even
00:01:02.616 --> 00:01:07.336
saving these documents that you're given in some sort of secure online folder,
00:01:07.616 --> 00:01:13.356
there are all kinds of ways you can do this, but do take note that I set a secure online folder.
00:01:13.756 --> 00:01:17.316
Please do keep in mind that there are often sensitive pieces of information
00:01:17.316 --> 00:01:21.936
on these forms, and we do want to take good care of other people's sensitive
00:01:21.936 --> 00:01:25.196
personal information and not just be throwing these things out willy-nilly.
00:01:26.416 --> 00:01:31.056
The third thing that we definitely want to do is verify completeness on the 1099.
00:01:31.336 --> 00:01:34.016
We want to make sure the form is fully filled out, including name,
00:01:34.316 --> 00:01:38.996
business type, and taxpayer identification number, and just making sure that
00:01:38.996 --> 00:01:40.536
those are in the appropriate places.
00:01:41.296 --> 00:01:45.676
Another best practice is to go ahead and collect them once a year.
00:01:45.936 --> 00:01:49.336
People move, sometimes business addresses change.
00:01:49.676 --> 00:01:53.896
It's just a good idea to keep in mind that not everything is always going to
00:01:53.896 --> 00:01:55.256
stay the same year over year.
00:01:55.396 --> 00:01:58.796
And even if you're working with the same vendor or subcontractor for a long
00:01:58.796 --> 00:02:03.436
time, aspects of their business may have changed. So it's a great idea to just
00:02:03.436 --> 00:02:07.536
regularly make it a part of your process to collect new information from them
00:02:07.536 --> 00:02:10.236
and make sure you're issuing the 1099s appropriately.
00:02:10.696 --> 00:02:15.596
So as we said, by just following a few tips and keeping everything organized
00:02:15.596 --> 00:02:20.036
at the beginning, you'll save yourself a lot of headache and hassle at year end.
00:02:20.720 --> 00:02:27.202
Music.
SØG BLANDT TIDLIGERE EPISODER
Søg efter gamle afsnit af Construction Junction: Where Construction Meets Accounting.
Ansvarsfraskrivelse: Podcasten og kunstværket, der er indlejret på denne side, er fra The Profit Construction, som tilhører dens ejer og ikke er tilknyttet eller godkendt af Listen Notes, Inc.
REDIG
Tak fordi du hjælper med at holde podcast-databasen opdateret.
