Why The Mall Ask Me W9 Form

Why The Mall Ask Me W9 Form – This form is necessary for accurate reporting of payments a business made to the vendor, contractor, or business. Why fill out form w9? The form establishes the official tax identity of individuals and businesses receiving payments. Without a correct tin, the payer must withhold 24% of the payment and remit it to the irs.

We ask you to complete the form and provide your ssn or tin so we can update your account with the correct information. Failing to submit a w9 form when requested can result in significant financial and administrative repercussions for both payers and payees. Get the w9 forms as early as possible. It may be more challenging to get an initial form w9 from vendors later, particularly if the supplier no longer.

It provides legal certification of the taxpayer's identification number. This withholding can create cash flow challenges. The document confirms whether the payee is subject to backup withholding.

For the payee, one immediate consequence is backup withholding. As people get busy, these forms can become challenging to collect. But because you’re not sending it to the irs, you need to be careful about who exactly you send it to.

Let's do W9s and 1099's better in 2019! BerkshireRealtors