October 2015
October 2015
Days we like to celebrate:
- Tuesday, October 8th – National Fluffernutter Day
- Friday, October 16th – Boss’s Day
- Monday, October 12th – Columbus Day
- Thursday, October 29th – National Cat Day
- Saturday, October 31st – Halloween
- Breast Cancer Awareness Month
The Importance of W-9 Forms
It’s crazy how quickly the year passes us by! We are already in October which means 2015 is quickly coming to a close. When 2016 starts it is a time to get all tax filings done timely and correctly. This means one of two things, you have all your W-9s for your vendors or you don’t.
What is a W-9?
A W-9 is an IRS form that is a request for your taxpayer identification number (TIN) and certificaiton. This form is used to collect information on a business or individual that can be used by the compay paying to report information to the IRS.
Who should we get W-9s from?
Best practice is to get a filled out and signed W-9 form from any vendor or contractor as soon as you agree to pay them for work or before you pay them for the work completed. Don’t wait until the last minute to get them because scrambling is just not fun!
But why are W-9s important?
Companies are legally obiligated to report income paid to the IRS which must match what a vendor or contractor claims as well. Having the information from the W-9 ensures that they match up correctly according to the TIN.
What if the vendor/contractor won’t fill out a W-9?
First, we suggest explaining the importance of why your company must have this to the vendor/contractor. If they still do not provide one, your company may withhold 28% of their check and forward it to the IRS instead. They may also be subject to fines and penalties.
When should someone not fill out a W-9?
If the person is classified as an employee for the company that is asking for the W-9, they should not fill out the W-9 until they have further information as to what it is needed for. It is also wise not to fill out a W-9 that comes from an unknown source.
Have questions? E-mail us! [email protected]
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