Questions about IRS Form W-9, Welcome

 

Form W-9, Request for Taxpayer Identification Number and Certification, serves two purposes.

 

1) It is used by third parties to file an infor mation return with the IRS on reportable payments made to others. It requests the name, address, and taxpayer identification information of a taxpayer (usually in the form of a Social Security Number or Employer Identification Number - either number is considered a Taxpayer Identification Number or TIN as it is commonly called).

 

The form is never actually sent to the IRS, but is maintained by the
person who files the information return for verification purposes. The
information on the W-9 and the payment made are usually reported on a
Form 1096 or 1099.

 

2) The second purpose is to help the payee avoid backup withholding.
The payor must collect withholding taxes on certain reportable payments
for the IRS. However, if the payee certifies on the W-9 they are not
subject to backup withholding they generally receive the full payment
due them from the payor. This is similar to the withholding exemptions certifications found on Form W-4 for employees.

 

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