Learn About Vendors And W9 Form With Limited Company Accountant!

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Learn About Vendors And W9 Form With Limited
Company Accountants!
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• 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.

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What 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.

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What 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.
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Are 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.
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Is 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.
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Contact Details
If you are looking for expert accountants to help
you with your business then you can contact us at
[phone] or write us an email at
info_at_cheylesmore.com.
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