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Why is it so important that the IRS name and Tax Identification Number (TIN) match on our vendors?

April 26, 2017Identification IRS tax tin vendors

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Why is it so important that the IRS name and Tax Identification Number (TIN) match on our vendors?

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If we setup a vendor with an incorrect name for their TIN and we have 1099 reporting for that vendor, we are accessed penalties by the IRS for incorrectly filing. We want to ensure the accuracy of our vendor file as well as keeping the expenses the University incurs to a minimum.