Why You Should Always Collect a Form W-9 Before Making Payments
Every U.S. business is generally required to file a Form 1099 for all payments made in the course of its trade or business. Personal payments are not reported.
In order to properly file these forms, the payee must provide a Form W-9 which lists the taxpayer name, address, tax classification for Chapter 3 withholding purposes, and the taxpayer identification number (TIN).
Failure to obtain a TIN, or provide a TIN when requested, subjects the payor and payee to penalties under federal tax law. In addition, the payee may be subject to backup withholding taxes of 24% on the gross amount.
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#Taxes #IRS #FormW9
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