The new solution will ensure that tax details on 1099 Series Forms, which business owners use to report payments made to their vendors and independent contractors, are accurate and easily accessible during tax season.
To achieve this, the company has added a TIN Matching Feature to its W-9 Manager, which offers a fully digitized version of the traditional process of requesting Form W-9 — an IRS form used to collect tax information from vendors — by fax or mail.
“TaxBandits eliminates the administrative time wasted on this process by bringing it completely online. With TaxBandits, businesses can easily enter their vendors’ names and email addresses and request W9 via email. This can be done in bulk, or one request at a time,” the company said in a press release Wednesday (July 5).
Helping businesses ensure that the TIN that each vendor provides matches IRS records will also help to avoid the possibility of an IRS rejection, the firm added.
Commenting on the new feature, Agie Sundaram, CEO and co-founder of SPAN Enterprises, the parent company of TaxBandits, said, “The TaxBandits team is always advancing the features and functionality of our application. Enhancing the W-9 Manager is another way that we can ensure our clients file 1099 forms accurately and efficiently this tax season.”
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In another move to streamline vendor management process, BlueCart announced in May the addition of a new vendor bill pay solution to its wholesale order management platform.
With the new BlueCart Pay, wholesale, distribution and B2B eCommerce businesses can pay vendors for transactions made outside the BlueCart platform, streamlining invoicing, payment, and vendor relationship management processes.
According to BlueCart CEO Konstantin Zvereff, these firms “juggle plenty of third-party bills on a monthly basis,” which required them to use their vendors’ invoicing software or other non-integrated tools to ensure payments were handled in a timely fashion. “BlueCart Pay now offers our clients a more cost-effective bill pay solution in the same environment as their ordering, distribution and fulfillment channels,” Zvereff said at the time.
