Why Does Company Ask For W9 Form

Why Does Company Ask For W9 Form – The form requires an individual to provide their name, address, tax qualification, and withholding requirements. Note that the vendor files a w9 form with the payer before the total amount paid in a calendar year is known. When a business pays more than $600 to a single taxpayer during the year, it must submit an informational return to the internal revenue (irs) to disclose the payments. This form is necessary for accurate reporting of payments a business made to the vendor, contractor, or business.

Vendors that are operating legally will have no problem providing this information. 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. A vendor should submit a new w9 to the payer when their legal business form changes.

Why Does Company Ask For W9 Form

Why Does Company Ask For W9 Form

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