Tis the season…….
During this holiday season, in addition to being on the lookout for that perfect gift, also be on the lookout for your annual letter from BakerStarrett requesting 1099 and W-2 information and updates for the 2018 tax year.
You may get excited for letters with Santa, but no one wants a letter from the IRS. Common errors that create these notices are mismatches between employee’s names and SS numbers and/or vendor’s names and EIN numbers.
A common acronym you may see is TIN. A TIN is a tax identification number, for an individual this is their SS number and a business will have an EIN number. The IRS has a verification service that allows them to determine these mismatches which will prompt a notice to the taxpayer or business. So avoid this common pitfall and double check the information you provide so you don’t end up on that dreaded ‘naughty’ list.