Definition: The 2020 W-9 Forms to Print refer to official documents issued by the Internal Revenue Service (IRS) in the United States. These forms are used to collect taxpayer information for reporting purposes, ensuring compliance with federal tax laws. Businesses, freelancers, and independent contractors often request individuals or companies they work with to complete and provide them with a W-9 form.
Overview: The 2020 W-9 Forms to Print act as a comprehensive tool for obtaining accurate taxpayer identification numbers (TINs) and other necessary data from individuals or entities that are classified as independent contractors or suppliers. The IRS requires this information to effectively process information reporting documents, such as 1099-MISC forms and 1099-NEC forms, which are used to report income paid to third parties.
Key Components of the 2020 W-9 Forms to Print:
- Personal and Business Information: The form requests the name of the individual or business that will receive payments, along with the corresponding mailing address, city, state, and ZIP code. Additionally, it requires the TIN of the entity or individual, which may include a Social Security Number (SSN) for individuals or an Employer Identification Number (EIN) for businesses.
- Certification and Signature: By signing the form, the individual or business certifies that the provided TIN is correct, they are not subject to backup withholding, and they are a U.S. citizen or other qualifying individual. In case of exemption from the FATCA filing requirements, the appropriate box must be checked.
- Requester Information: To facilitate communication and documentation, the requester’s business name, address, and TIN are provided on the form. This information ensures that the completed form is correctly associated with the correct business or individual.
Usage and Workflow:
Step 1: Request for the W-9 Form – A business or individual who expects to make payments to an independent contractor or supplier may request them to provide a completed W-9 form before undertaking any financial transactions. This ensures that they have the necessary information for tax reporting purposes.
Step 2: Filling Out the Form – The recipient of the W-9 form should carefully fill out the requested information, ensuring it is accurate and corresponds to their legal identity or business entity. It’s crucial to double-check the information before submission to prevent inaccuracies or delays in processing.
Step 3: Submitting the Form – Once the form is completed, it can be submitted to the requesting party typically by mail, email, or through designated electronic platforms. It is advisable to retain a copy of the submitted W-9 form for personal records.
Step 4: Processing and Record-Keeping – Upon receiving the W-9 form, the requester updates their records with the provided information. This enables efficient and accurate reporting of payments made to the recipient during the tax year.
It is important for both the requester and the recipient of the W-9 form to fully understand and fulfill their respective obligations to ensure accurate reporting and compliance with tax regulations.
Note: The information provided on the 2020 W-9 Forms to Print is subject to change based on updates by the IRS. It is essential to refer to the official IRS website or consult with a tax professional for the latest version and any modifications to the form.
Synonyms: W-9 form, IRS W-9 form, 2020 taxpayer information form.
Related Terms: Taxpayer Identification Number (TIN), Form 1099-MISC, Form 1099-NEC, FATCA filing requirements, Independent Contractor, Supplier, Backup Withholding, Internal Revenue Service (IRS).
Citations:
- Internal Revenue Service. Form W-9 (Rev. October 2018) (PDF). Accessed July 20, 2021. https://www.irs.gov/pub/irs-pdf/fw9.pdf.
- BNA Fixed Assets Blog. Getting Ready to Send 1099-MISC and W-9 Forms. Bloomberg Tax, January 6, 2020. Accessed July 20, 2021. https://www.bna.com/getting-ready-send-b73014462552/.