January 2025 – REMINDER – Form W-9

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REMINDER – Form W-9

 

OVERVIEW

 

As we enter the 2025 tax filing season and begin preparing and filing 1099s for 2024, we wanted to send a friendly reminder regarding the importance of collecting Forms W-9 from all non-employees and contractors who provided services to your business in 2024 and who will begin providing services in 2025.

 

It is best practice to collect Forms W-9 no later than the date you pay the non-employees or contractors for their services.

 

SUMMARY

 

·     Form W-9 is filled out by the non-employee/contractor at your request and then retained for your records.

 

·     Having a Form W-9 from each non-employee/contractor on file streamlines the 1099 filing process in the following ways:

 

1. Form W-9 will indicate if the vendor or contractor actually needs a 1099 issued to them.

2. Form W-9 also includes the contractor’s name and business name, type of entity, and the business’ tax identification number, all of which are included and needed on Forms 1099.

3. If we are preparing your 1099s, we will also request copies of all Forms W-9 on file to assist in determining which of the non-employee/contractors need 1099s issued to them.

 

Please feel free to reach out to us with any questions on Form W-9 or the 1099 process and we will be happy to assist you.