The form helps businesses obtain important information from payees to prepare information returns for the IRS. The form, officially called Form W-9, Request for Taxpayer Identification Number and Certification, is typically used when a person or entity is required to report certain types of income. form w-9 does not get sent to the IRS. Form W-9 does not get sent to the IRS.
Gov provides a How to Contact the IRS page where you will find guidance on where to submit specific questions. The current form must be completed before the payment can be processed so the university can be in compliance with IRS and WI DOR regulations and forms.
Will filling out a w9 affect my taxes?
Certain businesses and organizations are exempt from backup withholding in certain instances and will need to fill out this line. Filling out an inaccurate or incomplete W-9 could result in inaccurate earnings reports, which might lead to problems with the IRS -- including possible tax evasion charges. Taxation on W-9 income In general, income that results from a W-9 arrangement is not subject to IRS withholding. If you do business with a company that pays you as an independent contractor, freelancer or gig worker (in other words, self-employed), or will be paid income such as interest or dividends, a company may request that you fill out and send a W-9 so they can accurately prepare a 1099 form, report the payments they make to you at the end of the year and know whether or not you are subject to backup withholding.
What happens if I refuse to fill out a w9?
Assuming you have already requested this information from your dependent care provider, and they still refuse to provide it. It is also essential to document all requests and communication with the Payee refusing to provide their W-9 to avoid penalties. Failure to file 1099s based on the refusal to provide a W-9 does not excuse the business from timely filing and could result in penalties. You may wonder why a company or individual would refuse to provide basic information on a very simple form, yet there may be several reasons for someone's noncompliance.
As a business owner, the best course of action to prevent the problem of vendors refusing to provide their W-9 is to be proactive in the approach.