Posted by CaSigner on 3/25/05 7:05pm
Msg #27705

W9 - is this always required from SA?

Can a signing service, title company, etc. pay you for your services if they don't have a W9 from you? I thought this was necessary to do business together.

Reply by Mike/NJ on 3/25/05 7:20pm
Msg #27706

It's up too the company. My accountant wants all my subcontractors W9ed even if its for a $1. A company can pay you up to $600.00 per year without a W9 after that it is required for Federal filing.

Reply by Jon on 3/25/05 7:45pm
Msg #27711

There are some instances that a company will not want a W-9. For example, if you are working for a title or escrow company that lists your service on the HUD-1, you are technically being paid by the borrowers, not the title or escrow company(at least in CA). Since the borrower's are paying you, the company does not need to worry about reporting your income and therefore does not need a TIN from you.

Reply by Korey Humphreys on 3/25/05 8:05pm
Msg #27714

If they use you consistently then they (signing company) usually requests a W9 form from you. Sometimes they want one, other times they don't.

You do know that the W9 is a FREE form that establishes your identity and EIN/SSN number. That's all a W9 is. Nothing fancy or indepth.

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Korey

Reply by CaSigner on 3/25/05 8:17pm
Msg #27715

I have an EIN# specifically for my W9's. I was under the impression that all companies needed it to pay me. So if they don't ask for it don'y worry about it. He did mention something about $600. Would you all just send one anyway or wait until asked for it?

Reply by CaSigner on 3/25/05 8:20pm
Msg #27716

p.s., Re: W9 - is this always required from SA?

I just want to cover all my basis, tax wise I mean.

Reply by DorisCA on 3/25/05 10:23pm
Msg #27745

Re: p.s., Re: W9 - is this always required from SA?

But if you don't receive a W9 for a signing. That means you don't have to declare it to the IRS. I know you should but they could not find out am I right?

Reply by PAW_Fl on 3/25/05 10:45pm
Msg #27747

Re: p.s., Re: W9 - is this always required from SA?

No, you're not right. First, YOU submit a W-9 to the contracting agency to allow them to verify your tax id number (TIN), which will be either your social security number (SSN) or your employer id number (EIN). They do not need to receive a W-9, but should as it is the vehicle for TIN verification.

Second, even though you do not receive a 1099, which they are suppose to provide if you made over $600 in taxable income, they still have to document their expenses. If the signing company, title company, whomever you are hired by, gets audited, they will show an expense to DorisCA. To validate, they will check DorisCA's tax return to see if the taxes have been paid on that reported expense as income.

So, yes the IRS can find out if you don't state ALL your income. Odds are in your favor that they wouldn't, but why take the chance in the first place. I will give you the benefit of the doubt and assume that you are a law abiding and honest citizen, and your statement was hypothetical and only provided to solicit a discussion.

Reply by CaSigner on 3/25/05 11:17pm
Msg #27750

Re: p.s., Re: W9 - is this always required from SA?

O.k., so basically what I have been doing is correct. I send everone I do business with a W9. That way I have done my part. What they do with it is no concern of mine, right. If they don't ask I still send them one.

Reply by Roger/OH on 3/26/05 12:09am
Msg #27757

Re: p.s., Re: W9 - is this always required from SA?

Right. And even if they don't send you a 1099 form at the end of the year, you STILL claim those earnings as income.