But this does not mean that the requester has an obligation to file the W-9 with the IRS.The requester must keep the form or a copy of the form on file, and utilize the provided information when preparing for information returns (like 1099s and 1098s).The Instructions for Form 1099-MISC from the Internal Revenue Service explain the various situations that require a business to issue Forms 1099-MISC.You must complete, file and issue this form to all vendors or contractors—not employees—to whom you have paid 0 or more during the year.It's a good practice to request that an independent contractor provides a completed Form W-9 as soon as the business knows it will have to issue him a 1099.But sometimes we let these requests slide until January when we’re looking over our accounting records and realize we haven’t gotten around to it.Additionally, if the W-9 is not received shortly, all future payments will be withheld.
It is actually just your Social Security Number (it is at least if you submit as an individual).
You can’t fill out and issue Forms 1099-MISC to your vendors or independent contractors unless you first obtain a completed Form W-9 from each of them.
You must know the name, address and taxpayer identification number of each vendor or contractor who requires a 1099-MISC.
The Internal Revenue Service explains the finer points of identifying independent contractors vs. You do not have to issue 1099-MISC forms to C- and S-corporations or to entities from whom you purchase products, such as merchandise you'll later resell.
Payments made to contractors and vendors by debit card, credit card or through third parties like Pay Pal are also exempt—the IRS uses a different method to track these transactions.