A W-9 form, also known as a Request for Taxpayer Identification Number and Certification, is a vital document used for tax purposes. Individuals or entities that provide services to businesses are required to fill out and submit a W-9 form to provide their Taxpayer Identification Number (TIN), which is either a Social Security Number (SSN) or Employer Identification Number (EIN). This information assists businesses in accurately reporting payments to contractors to the Internal Revenue Service (IRS).
The W-9 form holds significant relevance in ensuring proper tax reporting and compliance. Completing the form correctly helps avoid penalties and ensures accuracy in tax reporting. Historically, the W-9 form underwent revisions in 2020 to align with the Tax Cuts & Jobs Act, reflecting changes in tax laws.
