Friday Feature - Vendor TIN Verification File
At year end, employers spend a lot of time reviewing employees and vendors for W2 and 1099 processing. There are two tools available that help employers perfect their data before filing. The Social Security Number Verification Service (SSNVS) is offered by the SSA, and the Taxpayer Identification Number (TIN) Matching Program is offered by the IRS.
Escape Online already has a task for SSNVS for employees and now we have a similar task for TIN verification for vendors/payees. The Create TIN Verification File task available from the Vendors activity list is a great productivity enhancement. Check it out!
Released in v18.035, this new task creates a txt file that can be bulk loaded (up to 100,000 vendors at a time) to verify if the TIN is valid before submitting 1099 reporting information. Amazing!