W-9 Module Launch

Enhancement Description: We are excited to announce the launch of our new W-9 module, designed to streamline and secure the process of managing tax forms. Here are the key features and benefits:

• Always Require Tax Form Setting: In the Admin -> Payment Settings tab, you can now toggle on "Always Require Tax Form (W9)." This ensures that a verified tax form is on record before a payment can be scheduled. Only an Admin can override this requirement for urgent one-time payments.

• Vendor Dashboard Enhancements:
  • Tax Forms Section: Manage various tax forms for specific vendors. Users can upload and verify W-9 forms directly or send a request to the vendor.
  • Automated Requests: MakersHub will send an automated email with a secure link for vendors to submit their details, similar to requesting vendor payment details but with enhanced security and validation.
  • Secure Link Submissions: Vendors can upload the latest W-9 form or fill out a self-guided form with built-in validations and instructions, ensuring compliance with the latest IRS requirements

• Automated Updates: Once submitted, MakersHub updates QuickBooks Online (QBO) to track payments for 1099s and updates the EIN or SSN on record. Submissions are timestamped, and IP recorded, providing superior audit trails.
• Data Security: All data is encrypted at rest with AES-256.
• Vendor Request Process:
  • Email Notifications: Vendors receive an email with a unique link to submit their W-9 form. The form is pre-filled with known details about the vendor, simplifying the process.
  • Auto Validation: The form includes auto-validation matching IRS instructions, ensuring it is completed correctly.
  • Review and Verification: Upon submission, the requester receives a notification to review and verify the form.
• Payment Requirements:
  • Mandatory Verified Tax Form: If the "Always Require Tax Form" setting is enabled, all outgoing payments require a verified tax form on record.
  • Admin Override: In urgent cases, an Admin can force a one-time payment through.
  • Vendor Dashboard Access: Directly from the schedule payments window, users can click on the vendor name to access the Vendor dashboard and add or review tax forms as needed.

These features provide a robust and secure method for managing W-9 forms, ensuring compliance and reducing the risk of errors.

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