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December, 2019

When is the collection of social security numbers required for human subject participation payments?

Dec. 2, 2019—The IRS requires Vanderbilt to file form 1099-MISC (Miscellaneous Income) for each person receiving taxable payments of at least $600 during the calendar year. Guidelines for the 1099-MISC are listed at the following link: https://www.irs.gov/instructions/i1099msc. In order to satisfy our IRS reporting obligations, Vanderbilt collects the appropriate paperwork (which includes social security numbers) for human...

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How does VU pay vendors and how can we all help?

Dec. 2, 2019—The following chart gives a quick overview of Vanderbilt’s purchasing and payments processes: VU faculty and staff can help this process run as smoothly and quickly as possible by double-checking the following steps: When reviewing contracts or agreements, authorized delegated signatories should always ensure that Vanderbilt’s standard “net 45 days” payment terms are listed. “Net...

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