Resource: Form W-9
Why YOU Should Care:
If you pay contractors to perform work for your company, you must keep track of how much you pay them over the course of the year. If you pay anyone $600 or more in one year, you are required to issue a Form 1099-MISC reporting the amount both to the contractor and the IRS.
Forms 1099-MISC for work performed in 2013 are due to the contractor by January 31, 2014. This date comes quickly in the new year and often business-owners find out too late that they are missing information from the contractor required to complete the Form.