W 9 Form For 2021 – A common IRS form is Form W-9–Request For Taxpayer ID Number and Certification. Clients may ask you to fill out and submit a W-9 form if you are a sole proprietor or independent contractor. They will use this information to prepare your 1099 NEC form accurately and report all payments at the finish. W 9 Form For 2021
What is a W 9 Form For 2021
The W-9, also recognized as Request for Taxpayer Identity Number and Certificate, is a form that provides businesses with personal information regarding an independent contractor (IC), or freelancer, for tax purposes in the United States. The form asks about the IC’s name and address. Additionally, it requests info like their social safety numbers (SSN), as nicely as other particulars. This info is used to create a 1099MISC. Employers can use the W-9 Form to collect info about contractors for their income tax purposes. The W-9 Form is an important tool for employers to gather accurate info about contractors.
The Form W-9 must be updated annually and should be reviewed. It is possible to help keep the W-9 if you receive a contractor’s updated address or name changes. This form ought to be kept by the business for several years. It shouldn’t be sent directly to the Internal Revenue Service. Bear in mind that this is a tool for gathering specific information. A company must complete 1099 if the contractor earns more than a certain amount during the tax-year.
Submitting the Form W-9
Send the W-9 form completed to the company or person who requested it. They will keep the completed W-9 form in their files to become used throughout their end of year accounting. W 9 Form For 2021 is there a new form w-9 for 2020