How often do you have to request new W-9 forms from your vendors?
Quick Answer
Generally, a new W-9 form is sent out whenever the contractor or vendor has updated information, such as its business name, address or identification number, according to About.com. There is no requirement to send out a W-9 on a regular basis under any other circumstances.
Continue ReadingFull Answer
The W-9 is sent to any new contractors or vendors providing services to a company. Legally, a company issues a W-9 when a service provider earns a minimum of $600 during the calendar year, notes About.com. A company can request that contractors fill out new W-9 forms at any time for any reason. It should be noted that a W-9 form is only issued to verified U.S. contractors. Foreign contractors working for U.S. businesses are required to fill out W-8 forms. Corporations should also not be sent a W-9 form.
Companies that use this form should read the Internal Revenue Service guidelines carefully to ensure they understand who qualifies for a W-9. For instance, a company should send this form to its lawyer for legal services over $600. The government has placed lawyers on the required list, notes Entrepreneur. Companies face penalties if they do not send out all required W-9 forms by the deadline.
Learn more about TaxesRelated Questions
-
Q:
How do you use a sample contractor invoice?
A: To use a sample contractor invoice, a contractor needs to include his name or business name, business address and invoice number and list all services he h... Full Answer >Filed Under: -
Q:
What documents do you need to provide with the PA tax return forms?
A: When filing Pennsylvania tax returns, most filers need W-2 or 1099 tax documents from employers that provide income earned, 1098 forms for mortgage interes... Full Answer >Filed Under: -
Q:
How do you fill out estimated tax vouchers?
A: Taxpayers fill out quarterly Internal Revenue Service Form 1040-ES estimated tax vouchers with their name, address, Social Security number and the amount o... Full Answer >Filed Under: -
Q:
How do you fill out a donation form?
A: Taxpayers must fill out donation forms with their name, address, taxpayer identification number, the value of the donation and date of donation, according ... Full Answer >Filed Under:
You May Also Like
-
Q:
When was a former IRS Commissioner convicted of tax evasion?
-
Q:
How can I find the tax ID number for a daycare center?
-
Q:
Are there areas that are exempt from the stamp duty?
-
Q:
What is IRS Form 940?
-
Q:
What information should employers include on 1099 forms?
-
Q:
What are some resources for printable FAFSA forms?
