Using the new solution, contractors can complete their W-9s and provide bank deposit details themselves, and take advantage of built-in format validation powered by the QuickBooks ecosystem, which automates and pre-populates content. The new Contractor Payments tool is intended to handle all of these things. Further, there is also the need to collect W-9 information from contractors to stay compliant, and come tax season, they need to aggregate all payments made to contractors to create 1099s and file with the IRS. Such businesses typically need to pay their contract workers quickly and accurately. It was developed with contractor-heavy businesses in mind.
Called Contractor Payments, the new solution is available as a standalone offering or combined with a subscription of QuickBooks Online or QuickBooks Online Payroll. Intuit QuickBooks announced the release of a new tool to help manage payments to 1099 workers.
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