Who Do You Need A W9 Form

Who Do You Need A W9 Form – If you are using the services of an independent contractor or freelancer, you'll need to have them complete the form and then keep it in your files for reference at tax time. Trades or businesses need to get w9 forms from u.s. That said, there are certain times an updated version is necessary. In the case of independent contractors or a corporate vendor, there could be several other reasons;

For example, a sole proprietor could form an llc, or a company could. Acquisition or abandonment of secured property. Although you will not withhold taxes from your payment to the contractor, with the exception previously noted, you will need to use the w9 to complete a form that you. The irs uses a w9 to match revenue that recipients.

Ensure that the name on the form matches the name associated with the tin in irs records. If you're one of those contractors, you can expect to receive a 1099 form to report your income at the end of the tax year. The importance of w9 vendor forms.

This form serves as a guideline and gives the employer the information needed to fill out a form 1099 at the end of the year. Providing a correct taxpayer identification number is important — it helps the irs determine who the taxpayer is. The purpose of a w9 form is to provide an entity that issues taxable payments to a company with the company’s federal tax identification number.

How to complete IRS W9 Form W 9 Form with examples YouTube