Vendors/Customers
1099 Classification Options in Vantage
Org Type 1099 Classification in FINET SSN / EIN 1099 Reportable Individual Individual SSN Yes Company Individual EIN Yes Company Partnership EIN Yes Company Corporation EIN Yes Individual Nonresident Alien Green Card Yes Individual Trust SSN Yes ...
What is a "Disregarded Entity"
When a company is sold the new company can't use their TIN because tax liability won't be appropriately assigned. They may have contracts or other business with vendors they want to keep, so they use the old TIN as a disregarded entity to try and ...
What if a vendor on contract reaches out to us with an address, banking, name, or taxpayer Identification TIN change?
1. CHECK CAREFULLY: Be aware that scammers do reach out to public entities to change vendor information in order to move money into their pockets. Any information about a vendor's address, banking, name, or taxpayer Identification TIN changes must be ...
What if a vendor on contract merges with a new company or is bought out?
1. CHECK CAREFULLY: Be aware that scammers do reach out to public entities to change vendor information in order to move money into their pockets. Any information about a vendor's address, banking, name, or taxpayer Identification TIN changes must be ...
How do you adjust the 1099 Address on a VCM?
Answer To change the 1099 Address on a VCM, please follow the steps below. 1. Create a new VCM from the Document Catalog 2. Go to the 1099 Line on the VCM 3. Insert a line 4. Select “Load Values” 5. Mark Line Action “Modify” 6. ...