2013 Form W-9 Released by the IRS

The IRS has released a new Form W-9 with updates for 2013. The form is used to provide a Taxpayer Identification Number (TIN) to someone who needs to file an information return with the IRS to report one of the following:

  • income paid to you
  • real estate transactions
  • mortgage interest you paid
  • acquisition or abandonment of secured property
  • cancellation of debt
  • contributions made to an IRA

For an individual, this would be a Social Security Number. For a business, this would be an Employer Identification Number.

Form W-9 Revisions

As of August 2013, Form W-9 has been revised. Below is a list of changes to make sure you are away of. You should begin using the new form right away.

  1. The “Purpose of Form” section now contains references to payments made in settlement of payment card and third party network transactions.
  2. Also under “Purpose of Form”, What is FATCA reporting? explains the Foreign Account Tax Compliance Act requiring a participating foreign financial institution to report all US account holders that are specified US persons.  Certain payees are exempt from FATCA reporting, and the Form W-9 instructions have been expanded to include the list of exemptions from FATCA.
  3. The “Certification” section of Form W-9 has been revised to address the exemption from FATCA reporting.

 

You can view these changes by downloading the revised W-9 Form on the IRS website.

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