Get the free Updated IRS Form W-9 - NADCO - nadco

Technical Issues Memo 09-12 To: NAD CO Members (Please disseminate to all appropriate personnel) From: Mary Mansfield, Vice Chair Director of Regulatory Affairs Subj: Updated IRS Form W-9 (English

How to fill out updated irs form w-9

How to fill out updated IRS Form W-9:

1. Provide your name: Enter your name as shown on your tax return. If you are a sole proprietor, use your personal name. If you are operating under a business name, enter the business name instead.
2. Enter your business type: Indicate the appropriate business type by checking the corresponding box. This could include individual/sole proprietor, C corporation, S corporation, partnership, trust/estate, limited liability company, or other.
3. Input your taxpayer identification number: This could be your Social Security Number (SSN) or Employer Identification Number (EIN), depending on your business structure. Make sure to double-check the accuracy of this information.
4. Declare your exemption status: If you are exempt from backup withholding or are exempt from FATCA reporting, indicate so by checking the applicable exemption codes.
5. Provide your address: Enter your mailing address, which should match the address associated with your taxpayer identification number.
6. Certify the information provided: Sign and date the form to certify that the information provided is correct and accurate to the best of your knowledge.
7. Submit the form: Once completed, you may be required to submit the form to the appropriate entity, such as a client or employer.

Who needs updated IRS Form W-9:

1. Independent contractors: Businesses that hire independent contractors may request W-9 forms from them to obtain necessary information for tax reporting purposes.
2. Freelancers: If you work as a freelancer or a self-employed individual, clients may ask you to provide an updated W-9 form to ensure accurate tax reporting.
3. Businesses working with vendors: Companies that engage in transactions with vendors or service providers may require an updated W-9 form to maintain accurate records and comply with tax regulations.
4. Financial institutions: Banks, investment firms, and other financial institutions may need an updated W-9 form from their customers to fulfill their reporting obligations.
5. Landlords: Property owners who receive rental income may request W-9 forms from their tenants to report income to the IRS and track potential deductions.

It is important to note that while this answer provides a general overview, it is always advisable to consult with a tax professional or refer to the official IRS instructions when filling out Form W-9 to ensure compliance with the latest requirements.

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