Some companies require you to submit an updated W-9 form, Request for Taxpayer Identification Number and Certification, each year, but most do not. Independent contractors face the possibility of filing a W-9 form annually to keep the contract’s records current, but it is not always necessary.

Do you have to update W-9?

When should you update or send out a new W-9? You must send a new W-9 to active customers or clients whenever your information (name, business name, address, or Social Security number) changes.

Why would a company ask for a W9?

US financial institutions ask you to complete Form W9 in order to obtain your personal identifying information (name, address, tax ID) to report income paid to you to the IRS, such as interest, dividends, capital gains, cancellation of debt, royalties, rents, etc. or income paid by you to the institution, such as …

Why is my employer asking for a W9?

A W9 is asking for your Identification number which, for an employee, is your social security number. Your employer should already have it. It sounds like your employer is going to treat you as self-employed for reporting some expense reimbursements, which usually is not correct.

When do you need to provide Form W-9 instructions?

If you use a substitute form, you are required to provide the Form W-9 instructions to the payee only if he or she requests them. However, if the IRS has notified the payee that backup withholding applies, then you must instruct the payee to strike out the language in the certification that relates to underreporting.

Can a company use a substitute form for a W9?

Substitute Forms. The IRS allows companies to use their own forms rather than Form W-9 if it requests substantially similar information. For example, a company may create its own vendor setup form and mail it to all new vendors. This form could include both vendor information specific to the company as well as the information contained on Form W-9.

Do you need a tin to file a W-9?

Use Form W-9 to provide your correct Taxpayer Identification Number (TIN) to the person who is required to file an information return with the IRS to report, for example: About Form W-9, Request for Taxpayer Identification Number and Certification | Internal Revenue Service Skip to main content

How long does it take for a W-9 to be returned?

For interest and dividend payments and certain payments with respect to readily tradable instruments, the payee may return a properly completed, signed Form W-9 to you with “Applied For” written in Part I. This is an “awaiting-TIN” certificate. The payee has 60 calendar days, from the date you receive this certificate, to provide a TIN.