Last Updated: Oct 19th, 2021
Processing & collection:
As outlined in Client MSAs, Abound files and issues 1099 Forms by collecting data from a Form W-9 or a substitute Form W-9*, by request of its Clients/Subscribers and on behalf of their End Users for processing informational returns.
Abound files and issues 1099 Forms by collecting data from a Form W-9 or a substitute Form W-9*, utilizing End User data which may include, but is not limited to, the following:
*Clients/Subscribers/Payers may provide W-9 equivalent information in bulk which results in Abound processing a large data file of W-9 Form Alternatives. In such cases, Abound does not process the actual forms, but requires Payers to keep original W-9 Forms for their tax compliance.
Abound’s Required End User Consent Language:
(To be added to contract with End User by Client/Subscriber)
You certify, under penalty of perjury that:
You grant [Client/Subscriber] limited power of attorney to act as your agent in processing your W-9 Form. The Internal Revenue Service does not require [Client/Subscriber] consent to any provision of this document other than the certifications required to avoid backup withholding.