Form W-9 is a document created by the Internal Revenue Service (IRS) to control the taxation of self-employed US citizens. It does not request information about earnings but requires a taxpayer identification number, legal name, address, and entity type. The form is used in various cases, such as receiving payments for services, opening a bank …
The W-9 form is a document used in the United States income tax system to request taxpayer identification number and certification information from a third party. It is most commonly used by businesses or individuals who pay freelancers or independent contractors and need their social security number or tax identification number for tax reporting purposes. …
Everything You Need to Know About W-9 Form: Definition, Purpose, and Instructions Read More »
The W-9 form is a requirement by the Internal Revenue Service (IRS) for companies to report all “reportable” payments made to vendors and independent contractors during a calendar year. The combination of the tax classification and the type of payment made determines what must be reported to the IRS. The process is called “information reporting,” …
The Internal Revenue Code (IRC) provides that payments made to corporations do not have to be reported on an information return like Form 1099-MISC, subject to certain exceptions. A payer may treat a corporation as an exempt recipient if it satisfies one of the three indicators outlined by IRC. These include receiving a completed Form …
Understanding IRC Rules for Payments to Corporations Read More »
The IRS does not require most W-9 forms to be signed, but companies typically ask for all W-9 forms to be signed. This requirement can be waived if companies reduce the time and effort of obtaining W-9 forms by not requiring a signature unless there are specific requirements. There are three areas where a W-9 …
Understanding the W-9 Form Signature Requirement: IRS Requirements & Best Practices Read More »
The W-9 form is a crucial document that vendors and independent contractors must complete correctly to ensure their payment and reporting requirements are met. Despite its apparent simplicity, errors on the W-9 form are common due to the complex IRS tax code regulations and the 6 pages of instructions. Taxpreplv.com was created to help vendors …
The Financial Crimes Enforcement Network (FinCEN) has proposed revisions to the reporting requirements for the Report of Foreign Bank and Financial Accounts (FBAR). The revisions include exemptions for certain employees from filing FBARs with respect to accounts owned by their employer or affiliate, and expansion of the amount of information to be provided by holders …
Proposed Revisions to FBAR Reporting Requirements by FinCEN Read More »
Due to the pandemic, many children have started school remotely, which has led to a significant increase in the amount of time they spend online. Unfortunately, scammers are taking advantage of the situation and trying to steal children’s personal information. Therefore, parents need to take extra measures to protect their children’s identities and their computers. …
How to Protect Your Children’s Identity and Privacy During Remote Learning Read More »
The Biden administration’s monthly child tax credit started arriving in parents’ bank accounts, the first installment of what is intended to be a long-term effort to reduce child poverty in the United States. The direct deposit policy makes it easier for families to access the credit, with no paperwork to file and no work requirements …
The US government will not be able to take away stimulus checks to pay for taxes, child support arrears, or private debts owed by the recipients. However, if one did not receive the stimulus check or the full amount of it, the recovery rebate credit can be claimed on the 2020 tax return, but there …
What You Need to Know About Stimulus Checks and the Potential Third Stimulus Payment. Read More »
