The Small Business Tax Help Blog

Posts Tagged ‘tax withholding form w-9’

Question: Do I Need Them To Submit W-9 Form?

I have a LLC (Limited liability company) business and I pay people for displaying ads on their website.

Now my question is, since I my company is LLC do I still have to withhold their taxes for IRS or is not required?

Answer: When you go to fill out 1099-Misc forms you are going to have to list their SSN/EIN, their mailing address and the name of the individual/company you paid. Where do you think you’re going to get that information from.

Thus the purpose of the W-9 form. You use the info off the W-9 to prepare the 1099s with. It is not your responsibility to “audit” the W-9 to ensure the information is accurate and up-to-date. Keep the W-9s on file for at least 3 years. If you get your tax return examined for these payments the first thing the IRS examiner is going to ask for is your W-9 forms. Since you are required by law to acquire the information and retain the W-9s, the IRS can disallow your claimed expenses outright if you cannot produce the forms.

G’Luck…

Mike Womack, Sr. Partner
Zero Degrees Tax LLP
Moore, OK
Lawton, OK

Porter County employee contracts, fringe benefits questioned in IRS audit

Porter County attorney Gwenn Rinkenberger is trying to buy some time in resolving issues in an audit report on county expenditures that was conducted over the past year by the Internal Revenue Service.

Backup Withholding for Form 1099-MISC