Title: Learn About Vendors And W9 Form With Limited Company Accountant!
1Learn About Vendors And W9 Form With Limited
Company Accountants!
2- If you are a business owner or a vendor you may
be already aware of the W9 form. Business owners
know the headache of handling all the important
forms in the absence of their limited company
accountant. Including the W9 form which is
important, and every employee and vendor has to
fill it out at the time of hiring. - What this form ensures is that the employee and
vendors comply with the laws and regulations. To
understand it let's dive deeper into the topic.
3What Is A W9 Form?
- The W9 form is the form that an employer/client
files with the IRS each year. This form is almost
one page long and requires some of your
information. You will be asked to fill out your
name address or in some cases social security
number along with your taxpayer identification
number.
4What Is The Purpose Of This Form?
- The main purpose behind this form is to create a
document of the business relationship so that
when you make an invoice you have the correct TIN.
Do you need a W9 form filed by your vendors?
Yes, it is a must that you get the W9 form filled
out by your employees, contractors, and vendors.
In short, for every business relation where you
are the payor, you must get this form done. Even
the vendors who dont have to perform backup
withholding need to fill out this form even if
they only fill in their payee code and leave
other fields blank. They have to do this to form
a vendor relationship and to make it easy to file
taxes.
5Are There Any Exceptions To This Rule?
- Yes, there is an exception when it comes to
foreign vendors. They are not eligible to fill
out the W9 form which is why they have to fill
out the W-8 form instead.
Do You Need To Renew The W9 Form?
Usually, you will be able to use the form from
year to year but there are scenarios where you
might need to get a new one. For example, in case
the employee changes their last name. The
scenarios in the case of individual/ independent
vendors vary a bit. In their case, there could be
many reasons for getting a new W9 form for
example- if they change their business address or
if they go to some other company and get a new
TIN.
6Is There Any Reason Why A Vendor Might Need This
Information?
- The only possible reason why a vendor might need
such information from you is simple. They will
need this information if you are buying or
selling goods for them. Sometimes vendors ask for
this information just for the sake of getting
their employers identification. But if there is
no use of such information you can refuse to give
your personal information.
Want To Learn More About The W9 Form?
If you are curious to learn more about the
process but dont understand it even after
reading the details thousands of times then you
can talk with an expert. For example Accountants
Birmingham.
7Contact Details
If you are looking for expert accountants to help
you with your business then you can contact us at
(02476) 017-778 or write us an email at
info_at_cheylesmore.com.
8Thanks For Watching