Posted by sueharke on 9/10/13 6:28pm
Msg #484062

New W-9 form

Look out for the new W-9 form at "http://www.irs.gov/pub/irs-pdf/fw9.pdf". I haven't reviewed it enough to say more at this time.

Reply by John/CT on 9/10/13 6:43pm
Msg #484065

Now that the business has slowed down significantly, and all those services that engage us having a lot of spare time on their hands, I wonder if they will start filling it with busy work like asking us to re-submit our W-9's with the revised form???

Reply by sueharke on 9/11/13 12:06am
Msg #484093

The article I read said companies had six months to get new forms signed. So, yes this will happen.

Reply by MW/VA on 9/10/13 6:49pm
Msg #484066

At first glance, the only changes I see are on the right

side under the heading "exemptions". Otherwise, I don't see much change.

Reply by Darlin_AL on 9/10/13 8:01pm
Msg #484078

Re: At first glance, the only changes I see are on the right

In part II, the certification is the you are not subject to backup withholding. To submit a new one if you are no longer exempt from backup w/h. The F codes I dunno about.

Reply by sueharke on 9/11/13 12:11am
Msg #484095

Re: At first glance, the only changes I see are on the right

Looks like another form to day a 2 hour continuing education seminar to understand and explain to people. What happened to the paper reduction action and using simple words a person with an 8th grade education can understand-- duhhh??????

Reply by MW/VA on 9/11/13 9:51am
Msg #484118

Yes, LOL. I took a tax prep class a few years ago & worked

a couple of seasons for a tax prep firm. IMO the tax code is very confusing & the reason why so many people are very intimidated about filing taxes. The tax prep firms really capitalize on that.

Reply by JulieD/KS on 9/12/13 10:13pm
Msg #484455

Re: Yes, LOL. I took a tax prep class a few years ago & worked

Tax firms capitalize on it? Actually, we provide a service just like any other service.

Reply by Pam/NM on 9/11/13 11:35am
Msg #484145

8th grade education...

I work FT in a health care setting and one of our buzz phrases is health care literacy. You may have a college education as an engineer, but have low health literacy. We are supposed to have all our printed materials on a 4th-8th grade level (Not the Flesch-Kincaid scale in MS Word, which actually grades about 2 grades below actual level, but SMOG). Turns out that most of these scales were developed back in the 40's. Many folks didn't advance past elementary school and those that did were typically privledged, had more drive and would be considered honors-types today. So the grade levels that forms, etc are written at, may be skewed to a slightly higher denominator, so to speak. FWIW anyway...

Reply by sueharke on 9/11/13 12:07am
Msg #484094

Re: At first glance, the only changes I see are on the right

Read part II under certification. If that does not confuse you, then you are a better reader than I am.

Reply by Fuzzy1955 on 9/11/13 7:00am
Msg #484101

Part 2 has always contained the backup withholding language. In plain english, it says that the IRS has not asked you to pay an extra amount of taxes because you have been caught not paying enough!

Reply by Fuzzy1955 on 9/11/13 7:18am
Msg #484106

Item 4 under certifications is new and relates to Foreign banking and investments. The way i read it, as long as you are dealing with an individual in the transaction, no FACTA code should be identified. This could become dicey and, thankfully, we do not sign these forms.

Reply by VT_Syrup on 9/11/13 9:14am
Msg #484117

Fuzzy1955, we might sign the form if we are sending it to a TC or SS so they can pay us. This part is interesting:

"...and generally, payments other than interest and dividends, you are not required to sign the certification, but you must provide your correct TIN."

I wonder if that means we don't have to sign the form when we send it to a TC or SS in connection with payment of our fees. If so, I figure the chances of the TC or SS understanding that are very slim.

Reply by sueharke on 9/11/13 11:04am
Msg #484130

If you read the instructions on page 3 under Part 1 it says "If you are a sole proprietor and you have an EIN, either use your SSN or EIN. However, the IRS prefers that you use your SSN." This makes me question how many people in this business will face identity theft by not being stubborn and using their SSN instead of an EIN to SS/Title companies/lender as IC.

Sounds like the IRS is having as much trouble as the State of CA in matching an EIN to a SSN and want to shift the problem back to taxpayers.