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FAQ

Does a W-9 form affect your income?
No.The purpose of a W-9 Form is simply a request for your taxpayer identification number.The form in and of itself does not affect your income.However, if a company is asking for it, that means they are about to pay you (a US citizen or resident alien) as an independent contractor.The sum of the those payments will result in a 1099 Form, which will be given to both you and reported to the IRS shortly after December 31st.Examples of 1099 Forms include (but are not limited to):• Form 1099-INT (interest earned or paid)• Form 1099-DIV (dividends, including those from stocks or mutual funds)• Form 1099-MISC (various types of income, prizes, awards, or gross proceeds)• Form 1099-B (stock or mutual fund sales and certain other transactions by brokers)• Form 1099-S (proceeds from real estate transactions)• Form 1099-K (merchant card and third party network transactions)• Form 1098 (home mortgage interest), 1098-E (student loan interest), 1098-T (tuition)• Form 1099-C (canceled debt)• Form 1099-A (acquisition or abandonment of secured property)The IRS will expect you to pay income taxes based upon what has been reported to them. If you live in a state that collects income taxes, so will they.
What is a W-9 form?
Form W-9 is an IRS created form used by an individual or an entity, like a company, to request the taxpayer identification number (TIN) and other information from parties they have paid.  A TIN number is typically an individual’s social security number or a company’s employer identification number.  The information collected on Form W-9 by the requester is used to complete an “information return”.Information returnAn information return, like Form 1099-MISC, is used to communicate to the IRS reportable payments made to certain parties in the normal course of business.  A common reportable payment is one in excess of $600 paid to an independent contractor.  In this case the company would ask the independent contractor to complete and return a Form W-9.  Please note Form W-9 should only be used if you are a U.S. person (including a resident alien) or company.Federal tax classificationForm W-9 also asks for a party’s federal tax classification.  This is helpful to the W-9 requester as certain types of payments made to specific entities do not need to be reported to the IRS on an information return.  In addition, the tax classification can be used along with the exempt payee code to determine that backup withholding is not required.Backup withholding if Form W-9 is not providedIf Form W-9 is not provided to the individual or entity that requests it, future payments can be subject to having part of the payment withheld (known as backup withholding) and remitted directly to the IRS.  This is similar to the way federal tax is withheld from an employee paycheck.  The current backup withholding rate is 28%.  In most cases, just remitting Form W-9 to the requester eliminates any requirement for backup withholding.IRS reviewThe IRS summarizes the total payments reported on information returns and compares the total amount to the income reported on the taxpayer’s income tax return.  If there are discrepancies the IRS may request further information from the taxpayer or initiate an audit.The following is listed under “Purpose of Form” in the IRS Form W-9 “General Instructions” section.An individual or entity (Form W-9 requester) who is required to file an information return with the IRS must obtain your correct taxpayer identification number (TIN) which may be your social security number (SSN), individual taxpayer identification number (ITIN), adoption taxpayer identification number (ATIN), or employer identification number (EIN), to report on an information return the amount paid to you, or other amount reportable on an information return. Examples of information returns include, but are not limited to, the following:• Form 1099-INT (interest earned or paid)• Form 1099-DIV (dividends, including those from stocks or mutual funds)• Form 1099-MISC (various types of income, prizes, awards, or gross proceeds)• Form 1099-B (stock or mutual fund sales and certain other transactions by brokers)• Form 1099-S (proceeds from real estate transactions)• Form 1099-K (merchant card and third-party network transactions)• Form 1098 (home mortgage interest), 1098-E (student loan interest) 1098-T (tuition)• Form 1099-C (canceled debt)• Form 1099-A (acquisition or abandonment of secured property)Use Form W-9 only if you are a U.S. person (including a resident alien), to provide your correct TIN. If you do not return Form W-9 to the requester with a TIN, you might be subject to backup withholding.For more information on Forms W-9 and 1099 see W9manager.com.Disclaimer – Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties.
Do I need to fill out a W-9?
An employer will request a W-9 form of Independent Contractors so they can report the payments to the IRS at year-end.  Generally, a 1099-MISC is completed by the employer and submitted to the IRS and State tax agencies only if the amount of payments made to that contractor exceeds $600 for services on an annual basis.  It is common to request the W9 in advance, just in case you break that minimum threshold in the future.  You will know if they reported $45 to the IRS because you will also receive a copy of the 1099 and can act accordingly. Hope this helps!
Are there any special taxes for profit from YouTube in selected countries? Will I make the same money as someone in any other place in the world?
If you take your YouTube channel seriously that means you’re a business owner, a title that comes with a heavy load of responsibilities. This role involves some tasks that are not as fun as creating content, such as taxes and filing 1099s for independent contractors who have worked with you over the past year.If you’re new to the world of 1099 forms, then tax season can be very confusing. The key thing to understand is by filing 1099s you save money and the deadline is now. Yes, you can save so much money that the money saved is enough to go toward building your business like renting green screen space or an additional editor. So, let’s get a better grasp on how to make sure the money you worked so hard to make stays in your bank account rather than floating over to the government.Let’s Define Our TermsAn independent contractor is a self-employed individual who offers services to your business. Editors, animators, photographers, film crews, production companies, lawyers, agents, managers, assistants and even other YouTubers all fall under the 1099 category.A 1099 is a form that documents precisely how much money a business or organization has paid to an independent contractor. A salaried or hourly employee who’s on the company payroll doesn’t typically require a 1099 form. The general rule is that if taxes are withheld from the individual’s paycheck, then there’s no need to file a 1099. If you are at a loss about whether you’ve withheld taxes, then you probably need to file 1099s.According to the IRS, you must file a 1099 form to:Anyone who has received over $10 on royalties;Anyone who has received at least $600 in rent, services, prizes, awards and income payments;Anyone who has received fishing boat proceeds; orAn attorney who has received gross proceeds of $600 or more.So what happens if you fail to file for the contractors your business has paid throughout the year? Well, the penalty can be significant.The DeadlinesThe IRS has the power to completely ignore and disregard all expense deductions that you’ve filed on your (or your company’s) tax returns. Although the deadline to mail the 1099’s to the recipients was Jan 31, it is still a good idea to prepare them because it is likely the expense deduction will outweigh any potential penalty for filing late. Keep in mind, the portion you have to file with the IRS is due by Feb 28 if filing manually and Mar 31 if filing electronically. As a courtesy to the contractors it may be in your best interest to inform them that the 1099’s are on the way in case they are preparing to file their tax returns.How The Tax Man Can Help YouExpense deductions are money you spend day to day on your business to grow your YouTube channel. These expenses are called ‘write offs’. Write offs are deductions from your total income for the year before it’s taxed so you end up paying less in taxes. Let’s break it down.Have videos about makeup? Then you can write off’ your makeup purchases and even having your hair styled for the video! Need a website to start selling merch for your channel? If you hire a freelance web designer that service is a deductible expense. For a larger business, this can result in big savings.An average YouTube star with a profitable channel who handles this properly can save thousands, if not tens of thousands of dollars a year. Seriously. To be clear, you don’t receive a check for this money, you get to keep your own money that you made rather than mail a huge portion of it away in a check to Uncle Sam.Let’s say you have all your information together and it looks like you owe about $10,000 in taxes and then you or a savvy accountant goes through your books and finds an additional $3,000 in expenses that you didn’t account for when you initially did the books. Let’s also assume you’re in a tax bracket that is taxing you 30%. So, out of the $3,000 dollars they found in expenses you’ll save $900 on your tax return.For more and accurate info about in and out of YouTube, visit SushiVid Blog
Are there any type of vendors exempt from 1099s?
Yes.I believe you were referring to a regulation from several years ago, where all the vendors, without exceptions, were to receive 1099 forms.That regulation, however, had been repealed.Right now, the rules stand as listed here:who you need to send a 1099-MISC form to:Step 1: The payment must be $600 or over per year for services, not goods, and it should be done in the course of your trade or business.Example: Suppose you hire a contractor for $10,000 to remodel your house. In this case, there is no need to send out a 1099-MISC form because the work was for personal purposes. However, if it was to remodel your office, then you will need to send one out.Step 2: Generally you do not have to report 1099-MISC forms to C Corporations and S Corporations. But there are some exceptions:Medical and health care payments (such as for pre-employment physicals)Fish purchases for cashAttorney’s feesGross proceeds paid to an attorney (such as for legal settlements)Substitute payments in lieu of dividends or tax-exempt interestPayments by a federal executive agency for servicesAnd what about an LLC? Well, you will need to send out a 1099-MISC form — regardless if the exceptions apply or not.Step 3: The person who provides the service must not be an employee. Instead, he or she must be classified as an independent contractor.But keep in mind that there are no bright-line rules here. Although, the IRS does provide guidance:“The general rule is that an individual is an independent contractor if the payer has the right to control or direct only the result of the work and not what will be done and how it will be done.”If you are not sure if a person is an independent contractor, you should seek out professional advice, such as from an attorney. What’s more, the IRS provides a service that gives a determination. This is done by filing Form SS-8.
As the president of an LLC partnership, should me and my partners submit a 1099 or K-1?
As others have noted a partnership does not typically have a president. The correct term is more likely managing partner. An LLC taxed as a partnership would file a separate tax return, Form 1065. Part of that return are K1 forms for each partner that lists the partner’s respective share of profits and losses.Also part of that K1 might report guaranteed payments for certain partners, if you had any. It is almost never appropriate for a partner to get a Form 1099 from a partnership they are a partner in. I say almost never because there are some very limited situations where it is appropriate, but those are so rare I am going to say you should not be receiving a 1099 from your partnership.Now having said all of that, I question why your CPA can’t answer this for you. Please tell me you have a professional that helps with your tax returns, because very few business owners, no offense but especially ones who don’t know the difference in 1099 and K1, are going to do a partnership return accurately.
Who must file Form W-9?
Why is my customer asking for Form W-9?An entity (“the payer”) that makes payments in the normal course of their business is required to report certain specific payments to both the IRS and to the person or entity paid (“the vendor”) at the end of each year. This is typically done using Form 1099. The IRS calls this “Information Reporting” and the process is similar to the way that employers report wages on Form W-2.Therefore, when the payment for a product or service is required to be reported on Form 1099, the payer must have the vendor’s taxpayer identification number (TIN). The TIN is the way the IRS identifies the vendor in their records. The TIN is typically a social security number (SSN) or an employer identification number (EIN).When the IRS receives the payment information on Form 1099 they compare that information to the income the vendor reported on their income tax return. If the vendor’s tax return does not include all the payments reported on Form 1099 then the IRS will likely take steps to determine why all income earned was not reported.Consequence of not submitting a W-9If the payer does not receive a TIN number from the vendor, the payer will not be able to specifically identify the vendor on Form 1099. The IRS will then require the payer to reduce their payment to the vendor by 24% and remit this amount to the IRS (See our blog on backup withholding).The IRS will hold the payer responsible for this 24% if they don’t obtain the TIN number or withhold 24%. Additional penalties and interest could also be assessed on top of the 24%. Therefore, most payers put procedures in place to obtain the vendor’s TIN number in advance of making any payment. Requesting Form W-9 to be completed is the standard process that the IRS has created for payers to obtain the TIN number.CONCLUSION: Vendors are not required to submit a Form W-9, however, the likely result would be a 24% reduction in the payment to them by their customer.Examples of Information ReturnsExamples of information returns that use information from Form W-9 include, but are not limited to, the following:• Form 1099-INT (interest earned or paid)• Form 1099-DIV (dividends, including those from stocks or mutual funds)• Form 1099-MISC (various types of income, prizes, awards, or gross proceeds)• Form 1099-B (stock or mutual fund sales and certain other transactions by brokers)• Form 1099-S (proceeds from real estate transactions)• Form 1099-K (merchant card and third-party network transaction)• Form 1098 (home mortgage interest), 1098-E (student loan interest), 1098-T (tuition)• Form 1099-C (canceled debt)• Form 1099-A (acquisition or abandonment of secured property)Use Form W-9 only if you are a U.S. person (including a resident alien), to provide your correct TIN.For more information visit our blog at www.W9manager.com.
Why does our customer need us to provide a W-9 form?
Why is my customer asking for Form W-9?An entity (“the payer”) that makes payments in the normal course of their business is required to report certain specific payments to both the IRS and to the person or entity paid (“the vendor”) at the end of each year. This is typically done using Form 1099. The IRS calls this “Information Reporting” and the process is similar to the way that employers report wages on Form W-2.Therefore, when the payment for a product or service is required to be reported on Form 1099, the payer must have the vendor’s taxpayer identification number (TIN). The TIN is the way the IRS identifies the vendor in their records. The TIN is typically a social security number (SSN) or an employer identification number (EIN).When the IRS receives the payment information on Form 1099 they compare that information to the income the vendor reported on their income tax return. If the vendor’s tax return does not include all the payments reported on Form 1099 then the IRS will likely take steps to determine why all income earned was not reported.Consequence of not submitting a W-9If the payer does not receive a TIN number from the vendor, the payer will not be able to specifically identify the vendor on Form 1099. The IRS will then require the payer to reduce their payment to the vendor by 24% and remit this amount to the IRS (See our blog on backup withholding).The IRS will hold the payer responsible for this 24% if they don’t obtain the TIN number or withhold 24%. Additional penalties and interest could also be assessed on top of the 24%. Therefore, most payers put procedures in place to obtain the vendor’s TIN number in advance of making any payment. Requesting Form W-9 to be completed is the standard process that the IRS has created for payers to obtain the TIN number.CONCLUSION: Vendors are not required to submit a Form W-9, however, the likely result would be a 24% reduction in the payment to them by their customer.Examples of Information ReturnsExamples of information returns that use information from Form W-9 include, but are not limited to, the following:• Form 1099-INT (interest earned or paid)• Form 1099-DIV (dividends, including those from stocks or mutual funds)• Form 1099-MISC (various types of income, prizes, awards, or gross proceeds)• Form 1099-B (stock or mutual fund sales and certain other transactions by brokers)• Form 1099-S (proceeds from real estate transactions)• Form 1099-K (merchant card and third-party network transaction)• Form 1098 (home mortgage interest), 1098-E (student loan interest), 1098-T (tuition)• Form 1099-C (canceled debt)• Form 1099-A (acquisition or abandonment of secured property)Use Form W-9 only if you are a U.S. person (including a resident alien), to provide your correct TIN.For more information on Form W-9 visit our blog at https://www.w9manager.com.
Does the payee file the W-9 or does the non-profit company file it?
The W-9 is a form that allows the payee to inform the payer of the proper name of their business or their personal name, along with the business tax status and taxpayer identification number (TIN), usually a social security number (SSN) or employer identification number (EIN). This form should not be filed with any government organization. It is used by the payer to determine whether a 1099 form needs to be sent to the payee and to complete the 1099 form when necessary.Incidentally, there is a fine for not providing a completed W-9 to a payer. Moreover, the payer is required to withhold 24% backup taxes if the W-9 is not provided. This is true regardless of whether the payee believes that they are not required to be provided a 1099.