Blank W9 Form 2022 – The IRS Form W-9 is frequently used to provide necessary information to a person or business making payments to another person or business. One of the most common scenarios is when someone works for a business as an independent contractor. When you are employed as a contractor for a company or begin working as a freelancer, you may be required to complete a W-9 and submit it to the business that will pay you.
The W9 form is a necessary part of running a business in the US. This form asks for the taxpayer identification number (TIN) and the employer’s tax classification. The IRS requires companies to report all “reportable” payments, which means any payments that are made to employees. If the company pays an individual, it needs to receive this information from the employee. The W9 form also provides the employer with details about the business, which helps the IRS calculates the tax withheld.
What is Form W-9?
The IRS Form W-9 is an often-used document. If you are self-employed, own your own business, or work as an independent contractor. A client may request that you complete and submit a W-9 form so they can correctly prepare your 1099-NEC paper, report the payments they contribute to making to you at the end of the year, and determine whether you are subject to backup withholding.
Who Requests a Completed W-9 Form?
The individual or business that pays you is responsible for getting a Blank W-9 Form from you. On the other hand, the requester is not required to file the W-9 with the IRS. This individual retains the form and uses the information to prepare other returns, such as 1099 and 1098 Forms, and evaluate whether federal tax withholding is required on payments you receive.
Who Is Required to Complete the W-9 Form?
Generally, you will submit a W-9 form whenever you engage with a business that requires you to report information to the IRS, such as when you receive payment for services you provide as an independent contractor, pay interest on your mortgage, or contribute to your IRA account.
The individual or business with whom you are transacting uses the W-9 form to collect certain personal information about you, the most critical of which is your taxpayer identification number (TIN).