IRS W-9 Form 2022 Blank – A Internal Revenue Service tax form called a W-9 can be used to confirm the address and name of the person. A confirmation request is made to either the U.S. citizen, or an foreign resident. The form W-9 is also called the Request for Taxpayer Identification Number and certification form.
What’s Form W-9 Useful for?
The information gathered on W-9 forms is commonly used to make an equivalent of Form 1099. A 1099 form includes information regarding any income that could have been received by the TIN holder that could not be reported on a W-2 form. This can include earnings that are part of a contract, real estate transactions, dividends against investment, and other financial transactions.
Are you an independent contractor or employee?
Employers withhold taxes on income and also withhold and pay Social Security, Medicare, and unemployment taxes on employees. This isn’t the case if you’re an independent contractor. That means your employer is responsible for Social Security and Medicare taxes. If you are laid off, you won’t be eligible for unemployment benefits.
Can I refuse to complete Form W-9
Yes. Yes. Companies are required to the IRS to collect a completed form W-9 from everyone they pay more than $600 to during the year. If they fail to do so, it could be a cause for fines.
If you think you know that the person asking for the form has no business having it, however it is possible to refuse, then refusing is a good idea. If you’re concerned, ask a tax professional about what you can do.
The Bottom Line
The W-9 form can be used by independent contractors (also called freelancers). It is essential to fill out the correct form, but only if it is the correct form for submission and the request has been granted. IRS W-9 Form 2022 Blank