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1099 best practices for W-9s
March 28, 2022
Q. Do members require a W-9 to set up 1099-NEC vendors when paying through a purchase card program and not issuing a check directly to the vendor?
A.
(Answered by the IOFM Advisory Panel)
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We do not require a W-9 for purchasing card vendors since the 1099 reporting burden lies with the credit card provider. Honestly, with the size of our card program, not sure this would even be feasible unless we move to restricting allowable vendors, which we don’t do today.
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