W-9 Corrections:
IMPROVE YOUR PROCESS, LOWER YOUR COSTS, AND AVOID PENALTIES WHEN FILING MEDICAL PROVIDER 1099s WITH THE IRS.
W-9 Corrections is a comprehensive solution for helping Healthcare payers easily and accurately file medical provider 1099s with the IRS. Do you send your 1099 Live file to the IRS not knowing the outcome? If your organization is like most healthcare payers, then you are experiencing significant pain and cost around 1099 filings due to incomplete and inaccurate medical provider data. The W-9 Corrections solution allows TPAs, PPOs, Health Plans and Workers Comp payers to increase efficiency, lower costs and avoid penalties from the IRS for inaccurate or incomplete data. W-9 Corrections alleviates these pains and radically reduces these costs.
The two main forms providers, and facilities need to pay extra attention to is form W-9 and 1099’s. I know, you are probably wondering, what is the difference and how can I get this done and over with as quickly and painlessly as possible.
The W-9 is the document that is issued by the US Department of Treasury and is required to be completed by the person, or company, to request the Taxpayer Identification Number (TIN). The W-9 is usually completed prior to the start of service. This form must be completed and returned to the requesting person or company, which uses the information for tax filing purposes. It is important that those completing the form use the information that is on file with the IRS. This information includes the providers name, business name, address, social security number and/or employer identification number.
1099
The 1099 is the tax form used to report incomes, other than wages. The payer is required to report incomes they have paid more than $600 per tax id in a calendar year to the government.
For TPAs, PPOs, Health Plans, or anyone who pays claims/bills, it is crucial that this information be up to date and filed correctly. If information is incorrect or not filed properly, then they are at risk of receiving fines from the IRS. With W-9 Correction’s technology and amazing customer service staff, we have never had a client receive a fine from the IRS.
Healthcare payers all have staff that can write programs, manage databases, and do data research and entry. Therefore, a payer should ask the question: Is this something we want to do in-house? Usually, the answer is no. The costs, time, and unknowns are just too great. Designing and developing a W-9 correction solution in-house can be confusing since facilities have multiple providers working under the same tax id. The IRS can also change procedures, rules, and regulations annually.
One of the best advantages of using our W-9 Corrections solution, is that you can stop the data entry of 1099 names. W-9 Corrections works with the actual file to be sent to the IRS, and we will correct that file before printing and filing with the IRS. The W-9 Correction solution processes quarterly mocks throughout the year and then processes the full file at the end of the year during live season in order to stay proactive. Once the file has been processed, W-9 Corrections will provide the client with all the corrected TIN/Combinations, addresses that could be substituted for valid addresses, reasonable cause data for W-9s, B-Notices and second B-Notices that weren’t fixed.
There is no need to data enter 1099 Legal Names anymore. We will supply you with an Excel spreadsheet containing all changes we made. At the end of processing, clients send W-9 Corrections their CP2100 reports (if there is one) for review, processing, correction or to supply reasonable cause data.
If you need assistance with your W-9s and 1099s this year and want to avoid head aches and potential fines from the IRS, contact W-9 Corrections today by calling us at 704-424-9889 or sending an email to [email protected]!
