IRS revision to Form W-9

The Internal Revenue Service recently released a revision to Form W-9 (Request for Taxpayer Identification Number and Certification). The significant changes were to clarify the reporting of the tax classification of a single-member LLC and to clarify FATCA (Foreign Account Tax Compliance Act) reporting requirements.

The purpose of Form W-9 is to request the taxpayer identification number (TIN) of a U.S. person (including a resident alien) and to request certain certifications and claims for exemption. For federal purposes, a U.S. person includes but is not limited to:

  • An individual who is a U.S. citizen or U.S. resident alien
  • A partnership, corporation, company, or association created or organized in the United States or under the laws of the United States
  • Any estate (other than a foreign estate), or
  • A domestic trust

The TIN may be a Social Security number, individual taxpayer identification number (ITN), adoption taxpayer identification number (ATIN), or employer identification number (EIN). The information on the Form W-9 is used by the requester of the form when filing various information returns with the IRS. A payee may be subject to backup withholding if the requested Form W-9 is not returned to the requester.

View and download the revised Form W-9 at: www.irs.gov/pub/irs-pdf/fw9.pdf


ABOUT THE AUTHOR

John P. Weidman, CPA

Principal

John is a Principal with Brown Schultz Sheridan & Fritz and oversees the Camp Hill office’s Small Business Accounting Services (SBAS) team, which provides personal attention and assistance in accounting, payroll, and other business services to closely held businesses. The SBAS team at the Camp Hill office primarily serves the Harrisburg/Hershey region of Central PA.