1099 and W-9 Records

[Kyle Meyers]

For those landlords and investors who have to send 1099s, they do not need to send them to corporations and non-profits. What records do we need to keep to prove the payee is a corporation or non-profit? Do we still need to get W-9s from companies to have documentation they are a corporation?

[Steve Babiak]

That is what I was told to do. I get a W9 from anybody getting $600 or more. I want that W9 to have a signature as well, since many just want to type in the form and print; the sig indicates that they are exempt from backup withholding (so I don't have to withhold and forward that money to IRS). Some people even send the 1099 to corporations so that they do not even worry about that stuff.