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Why is it so important that we pay each vendor under the correct Tax Identification Number (TIN)? If the name on the check matches and we mail it to the correct address, isn that all that matters?

April 26, 2017Identification pay tax tin vendor

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Why is it so important that we pay each vendor under the correct Tax Identification Number (TIN)? If the name on the check matches and we mail it to the correct address, isn that all that matters?

1 Answer

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10 Posted

It is important that we send the correct payment amounts on our 1099 forms to companies and the IRS at the end of each year. If we do not pay under the correct TIN, we are not reporting under the correct TIN.