2020 - 1099 & W-9 Update - Complying with IRS Information Reporting Guidelines

How can we best set up an independent contractor in our vendor payment system to ensure compliance with the IRS reporting rules?
Protocols for setting up new vendors (ICs)
When to require a Form W-9
How to test the accuracy of the W-9 information with the IRS’s records – for free!
Who and what you pay determines whether you must report (1099 reporting)
Forms to use to document your independent contractor as reportable or non-reportable
Required governmental reporting on ICs
Form 1099-Misc – guidelines for proper use and classification of diverse payments on this form
Best practices for filing 1099s with the IRS – TIP: never file early!
The government wants to remove the exemptions – what this means to you