An IRS Form W-9 is titled Request for Taxpayer Identification Number and Certification.
I always know the holidays are over and tax season is upon us because my clients increase the number of tax and accounting related questions as they prepare for the upcoming filing requirements.
One theme that can be counted on almost as much as grandma is the gathering of IRS form W-9s after each new year. It goes someone along the lines of this. Hey Bob, can you help me fill out a (or several) 1099s, I'm getting asked when I'm sending them to my subcontractors and I'm not sure how to fill it out." This time of year, I get one or two on any given day. and the problem is typically the same with many. Either it wasn't known at the time of hiring, or pushed off using the standby procrastination strategy of "I'll do it tomorrow when I have more time." Rinse and repeat, and here we are needing to satisfy the IRS with 1099 filings without the W-9s to know how to populate them with.
I decided that I would write an article, so I'm doing that now, that I can provide a link for my clients with subcontractors to easily get a W-9 form for their contractors to fill out.
The IRS requires businesses who purchase $600 in services or $5,000 in direct sales obtain a completed W-9 form from said vendor, and then at the end of the year, that a 1099 is issued and filed. A W-9 is provided to the requestor, and not filed with the IRS.