Eliminate the Risk of IRS fines with our Thorough Tax ID Number (TIN) Matching & Verification Process
Navigating the complexities of taxes is a well-known challenge, whether you’re a business or an individual. The intricacies of tax laws make it easy to feel lost, and the situation can escalate when uncertainties arise about how to verify information, potentially resulting in unforeseen fines from the Internal Revenue Service (IRS).
Errors in tax information reporting carry the risk of significant financial consequences. Each 1099 form submitted to the IRS becomes a potential ticking time bomb of costly fines if not managed correctly.
One of the most prevalent causes of 1099 reporting errors involves discrepancies between recipient and payee names (contractors) and their Tax Identification Numbers (TINs). When the information on a 1099 form doesn’t align with the IRS database due to a missing or incorrect digit or letter, an error is triggered. A seemingly minor mistake on the form can lead to improper filings, triggering withholding and potential penalties.
The PlusOne Screening Solutions Approach
We meticulously confirm your contractor's business name and Tax Identification Number (TIN) match with the IRS database.
In the event of any discrepancies, we engage directly with your contractors, guiding them through the resolution process and offering resources if they encounter uncertainties regarding the correct information.
Our commitment extends beyond a single interaction; we proactively follow up with the contractor at least three times, ensuring timely progress and proper completion of the required procedures.
Even after the initial process is finalized by the contractor, we conduct a secondary verification to confirm the accuracy of the resubmitted information.
TIN Matching Benefits
Gives you the ability to review W9’s received including all historic data.
By using our quick and user friendly upload tool, you can upload any W9 within seconds.
We verify that your contractor's business name and TIN match the IRS database. If there's an issue, we will work directly with your contractor and walk them through the issue and provide resources if they are unsure of the proper information. Our team of trained professionals will follow up with the contractor as least three times to ensure that the process is moving along on time and completed.