Form W-9. Titled ‘Request for Taxpayer Identification Number and Certification’. This IRS form is mostly commonly used by independent contractors, or self employed individuals, to release information to paying customers. It also is requested from payers prior to making payment. Many firms require this tax information form to be on hand as back-up for their accounts payable process.
This information from this IRS form is needed in order to process payment. For instance, every time a self-employed musician has a scheduled gig, the place they are playing at will need a W-9 for their records. The musician will fill it out, sign it, and return it to the administrative office of the gig site. Then, the W-9 will be used as backup for the check processing (or payment) by the organization. Many entities require having signed W-9s on file for all independent contractors they pay. The W-9 contains the independent contractor’s name, address, and taxpayer identification number. It, in turn, will be used at year end to prepare a 1099 (an IRS tax form).
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|Sheri Ann Richerson|