W-4′s and W-9s
Make sure you have a W-9 on file with a legible number for every vendor you receive goods and/or services from – you’ll save time and frustration come the following January! Instituting a policy that no vendor will be paid until you have a W-9 on file will help prevent this frustration. Go through your existing vendors, too, to ensure you have accurate information. Has anything changed? Are they now a corporation? Did they close down a corporation and revert to a partnership or sole proprietorship? These things happen! Plan to periodically contact all vendors for whom you hold W-9s to ensure your information is accurate.
If you have employees, keep up to date on correct addresses to avoid problems when W-2′s are issued each January. Have employees confirm deductions, address, and SSN are correct each year. Encouraging employees to use the IRS tax withholding estimator will help them in determining tax withholding (https://www.irs.gov/payments/tax-withholding).
Bookkeeping Fraud Red Flags
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Asset $ Liability $ Proprietorship $ Income $ Cost $ Expense
Corporate Identify Theft
This type of theft, referred to as corporate account takeover, occurs when business online credentials are stolen by malware. To help prevent this from happening to your company, keep your antivirus software up to date, routinely run virus scans, talk with your IT provider to determine how to best safeguard your devices and networks, and do not open emails from people you do not know or click on links in those emails.
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