Form W-9 and TINs. IRS Form W-9 is typically used by a business to request a payee’s name, address and taxpayer identification number (TIN) so the business can issue a 1099 to the payee and to the IRS.

Do you have to keep a copy of a W-9?

Once a business obtains a filled out W-9 from a contractor, vendor, or other payee, the business must keep the form, or a copy thereof, in its records, and use the information on the form to prepare its 1099. Form W-9 is not filed with the IRS.

What happens if a vendor refuses to fill out a W-9?

Once a business obtains a filled out W-9 from a contractor, vendor, or other payee, the business must keep the form, or a copy thereof, in its records, and use the information on the form to prepare its 1099. Form W-9 is not filed with the IRS. The information provided by a payee to a business on Form W-9 must be protected by the business.

What does a tin mean on a W-9?

In the case of businesses, a TIN is the business’s employer identification number (EIN). There is no reason for a payee not to supply a TIN, unless the payee qualifies for an exemption (not likely), or is trying to avoid reporting the income or payments received to the IRS.

Form W-9, Request for Taxpayer Identification Number and Certification is a one-page IRS information form that individuals use to send their taxpayer identification number to other individuals, clients, banks and other financial institutions.

Do you need a tin to file a W-9?

Use Form W-9 to provide your correct Taxpayer Identification Number (TIN) to the person who is required to file an information return with the IRS to report, for example: About Form W-9, Request for Taxpayer Identification Number and Certification | Internal Revenue Service Skip to main content

What’s the difference between a 1099 and a W9?

Use the W-9 tax form to get information from the vendors that they hire as independent contractors. The 1099 goes to the IRS, while the W-9 doesn’t (simply keep it for your files). Who must fill out a W-9 tax form?

Why are financial institutions asking me to sign a W9?

US financial institutions ask you to complete Form W9 in order to obtain your personal identifying information (name, address, tax ID) to report income paid to you to the IRS, such as interest, dividends, capital gains, cancellation of debt, royalties, rents, etc. or income paid by you to the institution, such as mortgage interest.