Tag: Guides

Why You Must Collect a W-9 Before Paying Service Providers or Contractors

by Cecilia Benitez

Anytime you pay an independent contractor or vendor (not your employees!), the IRS requires you to collect a W-9 from them so that you can send a 1099 at year-end.  Additionally, collecting a W-9 upfront ensures that the individuals or businesses you’re working with are legitimate and have provided accurate information for tax purposes. It … Continue reading Why You Must Collect a W-9 Before Paying Service Providers or Contractors

BOI Reporting: A Guide to Compliance and Avoiding Penalties

by Cecilia Benitez

To enhance corporate transparency and combat financial crimes, the Financial Crimes Enforcement Network (FinCEN) has implemented new Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA). This article aims to provide a comprehensive understanding of BOI reporting, including key deadlines, who needs to file, what information is required, and how to comply. … Continue reading BOI Reporting: A Guide to Compliance and Avoiding Penalties