As a small business owner, you know that managing your vendors can be a daunting task. But, it’s essential to have a process in place to ensure that you’re keeping track of your vendors and issuing the right forms to them.

Now, you might be thinking “why do I need to worry about this?” But trust us, it’s important. Failing to properly manage your vendors and issue 1099s when necessary can result in penalties from the IRS and nobody wants that!

So, in this episode, we’re going to break down everything you need to know about vendor management and 1099s. We’ll cover things like:

–  What is a contractor vs an employee

–  How to gather the necessary information from your vendors

–  The timeline for issuing 1099s and filing them with the IRS

–  And much more!

So whether you’re a seasoned entrepreneur or just starting out, this episode is packed with valuable information that can help you stay on top of your vendor management and 1099s. So sit back, grab a cup of coffee, and let’s dive in!

Track 1099

How to Create Internal Controls for Your Business

IRS – Information Return Penalties

IRS – About Form 1099-NEC

North Shore Accounting