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Welcome to this presentation on the Form W-9! The information presented here is current as of the day it was presented.

This material isn’t official guidance. Any stories, names, characters, and incidents portrayed in this production are fictional.

No identification with actual persons (living or deceased), places, buildings and products is intended or should be inferred.

We’re recording this program and maintaining it in accordance with federal recordkeeping laws. Now let’s get started.

Did you know that securing Form W-9 from service vendors could save you time and money? All of the vendors that provide compensated services for you should complete Form W-9, Request for Taxpayer Identification Number and Certification.

The form contains a request for the legal name of the vendor, their tax identification number and confirmation of which type of entity they are all of which determine when your payments to that vendor are reportable on a Form 1099-MISC, Miscellaneous Income.

By obtaining this information up front you can properly assess the need to issue a Form 1099-MISC and whether you are required to withhold income tax. You might avoid civil penalties for failing to file a required Form 1099, for filing a 1099 MISC with missing or incorrect information, or failing to withhold income tax. Collecting Form W-9 information from your service vendors can save you time: by ensuring a fully completed Form 1099 MISC; by eliminating unnecessary income tax withholding, related deposits, the need to file Form 945 or the need to follow up with vendors in order to collect the correct data from them. So, what should you do?

Before making any payments to a service vendor, request that they provide you with all the required Form W-9 information.

Verify all the information is correctly provided.

Be sure to retain Form W-9 information so you can properly prepare Form 1099 MISC timely and accurately, if it is required.

What if a service vendor does not remit Form W-9 data to you as requested?

You must begin withholding income tax at 24% on payments to those vendors totaling $600 or more.

That withholding rate changed from 28% down to 24% effective 1/1/2018. For IRS instructions to guide your review of a Form W-9 provided to you by a service vendor: Go to Search “Form W-9 Instructions” Select Form W-9 Request for Taxpayer Identification Number and Certification. Note that the general instructions for the vendor completing the form are contained here. Line- by-line instructions are provided.

When a vendor provides the requested information always review it to be sure it was completed properly.

Reviewers should understand: When W-9 is necessary; when withholding is necessary; which Taxpayer Identification Numbers should be used. Now you know what a Form W-9 is; why to collect a Form W-9 from service vendors; what to do if a service vendor fails to provide one. And where you can get instructions. Now you can save time & money. Thanks for listening!