In today’s force majeure circumstances, coronavirus tax filing is becoming a hot-spot issue. The up-to-date tax relief policy involves various cuts, refunds, deadline extensions, and other supportive steps. Besides, there are some changes in the W-9 filling process.
The document is submitted to the financial institution for the IRS report on the amount of money paid to the workers who are not on the staff. This form is necessary if the vendor or any external employee has been paid over $600. If the payment doesn’t exceed this limit, no such paperwork is required. Coronavirus Tax Relief measures influenced this form only in terms of the deadlines.
The following categories of contractors should submit this paper.
- Individual / single-member LLC/ sole proprietor
- Trust / estate
- S corporation
- C corporation
The completion W-9 blank in 2020
Mostly such documents request the details stated in the following list.
- Independent contractor’s name
- Company name
- Business entity
- Business’ TIN
- Date and signature
It is very simple to fill the document out. Just make sure all the information you provide matches the invoice data requirements. In case you encounter any difficulties, look for some tips available on this website.
Coronavirus and Tax Deadlines
W-9 is always to be mailed for the current year. According to the taxes update, all the deadlines are extended to July 15, 2020. The self-employed worker won’t be charged any interest during the extension period. But the contractors should remember that some employers hold payments until the completed paperwork is submitted. There may also be some penalties if it is not provided in time.