Why Does Capital One Need Me To Fill Form W9

Why Does Capital One Need Me To Fill Form W9 – Form 1099) with the irs. You may need to fill out a w9 when you get payments that the irs needs to know about. When the landlord distributes the accumulated interest to a tenant, they must file an information return (i.e. Businesses use this form to collect the tax id numbers of individuals or other entities.

Similarly, a small business that offers consulting services to a larger company must also submit it. This form contains their employer identification number (ein) or the sole proprietor's social security number (ssn). Instead, they keep it in their files. Capital one, b/c of a misunderstanding in online opening requirements, is in the process of collecting a number of w9 forms for its online opened accts.

Why Does Capital One Need Me To Fill Form W9

If they fail to get one signed, they may have to withhold taxes on. Any person or entity that is required to file an information return with the irs must obtain the correct taxpayer identification number of the recipient. Once they have the form, businesses don't send it to the irs.

Demystifying Form W9 Your Essential Guide to IRS Compliance