Why To Sign The W9 Form

Why To Sign The W9 Form – The form must be signed, and the signing taxpayer is subject to civil and/or criminal penalties for willful noncompliance. If the employer doesn't have a taxpayer id, or if the taxpayer id is incorrect, the independent contractor must have federal income taxes withheld, known as backup withholding. 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. Why fill out form w9?

The form establishes the official tax identity of individuals and businesses receiving payments. This form is necessary for accurate reporting of payments a business made to the vendor, contractor, or business. The document confirms whether the payee is subject to backup withholding. It provides legal certification of the taxpayer's identification number.

Why To Sign The W9 Form

Why To Sign The W9 Form

But because you're not sending it to the irs, you need to be careful about who exactly you send it to.

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