Independent contractors have to fill W-9 form if they’ve received $600 or more for their services from a certain company during a year. The document itself has a fixed structure which is developed by IRIS, but some changes might be applied from time to time. It would be wise to get to know about them before the new tax period begins, so that you don’t make any mistakes when the company’s request will come.
What information does the document require?
W-9 2020 will ask you to give such personal data as:
- your name and business name;
- business entity type;
- exemptions and FATCA codes (if any);
- full address, city, state and ZIP code;
- requester’s name and address (not necessary)
- your Taxpayer Identification Number;
- your signature and current date.
That’s everything you have to fill in. If you have any questions, look through the “Instructions” section. It has a detailed guide on the document and each field separately. You can also find a full guide on the form and follow it to be 100% sure you do everything right.
What have changed in W-9 2020?
Actually, there are no changes being planned in the following year. The document fulfills its purpose and IRS is probably 100% content of how it looks now. So, don’t expect W-9 form revised in December 2020. Note that it doesn’t mean any new substitutes won’t appear. As long as the form collects all the info and follows IRS prescriptions, companies may develop their own versions of the document.
You should remember that you have to fill the blank only if you work independently. Employees will have to deal with W-4 instead. And this one will be actually changed significantly in 2020, so you’d better find out what the new tax year will bring.
Where to send W-9?
You definitely don’t have to file it to IRS. Just send the filled blank back to the requester. Use only protected channels to do that. It can be secure email or a trustworthy post service for a printable version, for example. Note that online blank require your electronic signature.