“Taxpayer identification matching” is a service offered by the IRS which allows “authorized payers” to compare Form 1099 recipient’s tax information (like their given social security number) against IRS records.
Anyone who has filed information returns with the IRS in each of the past two tax years.
It is free! Thank you, government.
Fines for incorrect information on 1099s filed can reach up to $500,000 depending on how many forms have errors. TIN matching allows businesses that issue 1099s to greatly reduce the risk of reporting errors to the IRS. For details on IRS fine structure, please check here: https://payable.com/taxes/1099-penalties-and-fines
$0.99 per payment