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Form W-9 2024 AR: What You Should Know
Vendors must complete the form and return it to the Internal Revenue Service. (see IRS Revenue Guide for Individuals — 1040, Part IV section A) On September 9, 1996, the Form W-8B became effective for businesses filing taxes to the federal government. It replaced Form W-8 with the following: A Form W-9 is required by IRS whenever it receives a Form W-8. The Form W-9 is required to identify the taxpayer and to certify compliance with the U.S. Social Security and Medicare laws and regulations in effect at the time of filing with the IRS. The complete Form W-4S, Request for Federal Income Tax Withheld from Sick Pay, is also required with this form. A. A Form W-8B is a copy of Form W-8. The Form W-8 is completed with personal identifying information and includes all the information on pages one through six. It contains information that is required for reporting and payment of federal taxes, such as social security number, tax identification number, marital status, income, occupation, and source of wages. In addition, under the current law, certain information on Form W-8B is mandatory, and this information must be reported in a form known as Form W-2. B. Form W-9 is a document used by the IRS to complete Federal income tax reports and returns and to certify compliance with the U.S. Social Security and Medicare laws. The complete and completed Form W-9 is also required. The U.S. Code defines “Form W-9” as an IRS Form 1040, 1040A, 1040EZ, 1040EZ (Revision); Form 1041, 1041A and 1041EZ; or Schedule F, Employer's Withholding Allowance Tax Return. Form W-9 for Businesses FEDERAL AND STATE TAXATION There are several Federal and state tax regulations that apply to a business (business income tax or state or local tax liability) and are referred to as the “Feds and States”. Under the Federal Income Tax Act of 1956 and the Internal Revenue Code, all personal and real property income and gain is subject to federal income tax. Business Property All income produced in or by a business is considered “business income”.
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