I’m currently a contractor, and I’m always looking for tools to reduce the friction of working with companies.
Payable just launched a new product for employers who hire contractors. 1099 Tax Forms makes it easy for employers to get the right forms to their contractors automatically.
I’m excited that Payable is paying attention to the employer-contractor relationship — thanks guys for making it easier for everyone to work together! 🙏🏻
Thanks Tommy for hunting!
At Payable, we make it easier for employers and contractors to work together. I'm excited to share our newest product with the Product Hunt community: 1099 Tax Forms.
Payable 1099 Tax Forms makes it easy for companies to complete and deliver forms to contractors by the new January 31st deadline.
Traditionally, a company must request a W-9 from its contractors, then generate and deliver a 1099 form to each contractor. And also file that form with the IRS. Going back-and-forth with multiple contractors like this can take months. It’s especially problematic for companies this year because the IRS moved up the filing deadline from March 31st to January 31st. And, they doubled the fines for late filing and delivery.
With Payable 1099 Tax Forms, simply enter your contractor’s name and email address and Payable tracks down all the sensitive info and gets a signed W-9. Add the payment info for the year, and you’ve got a 1099 that’s ready to go.
We’ve partnered with the awesome folks over at Stripe to provide this service to platforms on Stripe Connect. When you use Payable for 1099s this tax season, you’ll be in the same company as DoorDash, Instacart, Handy, and more!
@tadmilbourn cool product. I have a little experience in the world of corporate AP, two comments: 1) a best practice is to not issue checks until you have a W-9 in hand... not sure if you have much control over this (payments are from another system?), but might be something where you encourage folks to look at their dashboard for completed contractor compliance (ie they sent the form to payables) before issuing the check - it the one time the payor will have a stick for a one-off contractor. 2) TIN matching is also a PITA and the IRS system for this was unbelievably brutal the last time I checked a few years back. If you don't integrate with that system, might be an additional step to take to ensure compliance for your customers (or, if not possible, then prep the file with the proper delimiter for bulk upload). fwiw.
@wanderslth Ken...great points and 100% agreed. Payable can be used as "Tax Forms Only" (what's hunted today) or as "Payments + Tax Forms." When using us for payments as well, we can actually enforce "don't pay unless you have a signed W-9." Basically, that's your accountant's dream! It's just one more click in the onboarding process for contractors.
On TIN Matching, we'll get there. The IRS system you reference isn't technically supposed to be used for TIN Matching on behalf of other companies than your own (which is what we would need it to do). Our focus for this season was to have a really solid W-9 experience (which gets the company to a good spot in terms of showing that they've been diligent about collecting the TIN). TIN Matching is high on the list for Tax Season 2017. Thanks for the feedback!
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