Even though the IRS has revised the W-9 form again (the latest version dated October 2018), Accounts Payable (AP) professionals know that the form needs to be collected in order to add a new vendor or in some scenarios, to update existing vendors. And, according to a recent survey by an AP Solutions company, more than two-thirds of AP professionals are validating the Legal Name and Tax ID on the W-9 by performing an IRS TIN Match.
What’s more, vendors know the IRS Form W-9 is a requirement. They will provide and even prepare in advance anticipating the ask.
So why would your company want to take advantage of the IRS acceptance to develop and use your own Substitute Form W-9? Listen to find out.
Check out my website www.debrarrichardson.com if you need help cleaning your vendor master file or implementing authentication, internal controls and best practices to it from fraud.
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Music Credit: www.purple-planet.com