I have seen a lot of questions recently about form W9, so I want to try to talk about this form in this post.
Q: What is form W9?
A:The internal revenue service (IRS) created Form W-9 to be used by an entity (company for example) to request the taxpayer identification number (TIN) of a U.S. person. Most often, Form W-9 is sent to self-employed persons such as independent contractors.Failure to provide a Form W-9 when requested may lead to backup withholding or withholding at the 30% rate typically applied to foreign persons.
Q: Where can I get a copy of form W-9
A: A PDF copy can be found on the IRS website: http://www.irs.gov/pub/irs-pdf/fw9.pdf
Q:Is the TIN different from my social security number?
A: For individuals, the TIN is generally a social security number (SSN). In some cases, individuals who become U.S resident aliens for tax purposes are not eligible to obtain a SSN and need to apply for an ITIN.
Good Luck,
Rob
Information about 1099 Forms, 1099 Software, 1099 laws and much more.This blog also covers topics related to OfficeMax, Office Depot and Staples 1099 Forms. For accounting software users you will find information on how to print 1099 data inside QuickBooks, Peachtree, MS Dynamics, Great Plains and DacEasy.
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