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.
- The “Purpose of Form” section now contains references to payments made in settlement of payment card and third party network transactions.
- 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.
- 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.