This year the USA government has already taken the decision to extend the tax season due to the COVID-19 pandemic. Notwithstanding these circumstances, any financial institution should report to the IRS about all the contractor payments exceeding 600$. The submitter can complete and send the current W-9 fillable document electronically or in the paper format.
Where to Get It?
This 1-page paper is provided on demand. You can get it from:
- your client;
- other financial institutions.
What Does the Latest W-9 Look Like?
Make sure you have the updated version. The following details are normally included:
|Business Name||Contact Info||Business Contact Info||SSN||
If you have any questions, don’t hesitate to ask the business or an individual who requested it from you. Remember: if you provide the wrong information, you may be subject to a $50 penalty.
The tax filing deadlines are automatically extended to July 15, 2020. The tax payer won’t be charged any interest during the extension period. However, the state authorities may notify both parties of the transaction about the changes in the paperwork completion.