When is a W-9 required to be obtained from any vendor?
In the United States, a business or individual is generally required to obtain a Form W-9 from a vendor when they expect to pay that vendor $600 or more during the tax year for services rendered. This requirement applies to payments made in the course of a trade or business, not for personal payments. The Form W-9 is used to collect the vendor's taxpayer identification number (TIN), which is necessary for reporting payments to the IRS. The information from the W-9 is used to prepare Form 1099-NEC or 1099-MISC, which reports the payments made to the vendor. Here are some key points to consider: 1. **Services, Not Goods**: The requirement to obtain a W-9 typically applies to payments for services, not for the purchase of goods. 2. **Independent Contractors**: If you hire independent contractors, freelancers, or other non-employees, you should request a W-9 from them. 3. **Threshold**: The $600 threshold is cumulative over the tax year. If you pay a vendor less than $600, you are not required to issue a 1099, but it's still a good practice to have a W-9 on file. 4. **Backup Withholding**: If a vendor does not provide a TIN, you may be required to withhold taxes from their payments at a rate of 24%, known as backup withholding. It's a good practice to request a W-9 before making any
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