COLLECT W9s from contractors and vendors NOW

The start of a new year can be hectic for business owners. The last thing you should be doing in January is trying to collect W-9s from your contractors and vendors so you can issue them a 1099-NEC. The new 1099-NEC (non-employee compensation) must be issued by January 31, 2022 to any contractor or vendor to whom you pay $600.   

Not only is it the law to collect W-9 forms, we’ve compiled a few other reasons why you should start collecting them now.

Here are some tips for collecting W-9s from your vendors and contractors.