Help with W9 forms....Mac and Bumble
 

Hi

I had my first sale with them and it says i gotta fill out the w9 forms..

Just fill them out and send them???

Is there more to it than that?

Not unless they just made some changes. Once a year you have to fill them out and then if you go over the $600 per year income from that company, they report the income and send you 10-99's for you to use on your taxes in April. http://bbs.gofuckyourself.com/board/wink.gif

Hey Gemini,

You sure abou that?

I was also confused...i went on the site and I gotta fill out the form and PLUS..get a notarized copy of drivers license ans social security card....

All this for $15/sale???

Sounds like they were already burnt before and the IRS is on them due to the DL and such. Especially making you get it notarized. We had some sponsors tell us they had been caught up by ppl lying to them on their identities tho and they requested the same info from us. The notary thing is just really insuring your standing with them.

A couple of bucks for a notary isn't much. They are counting on you making alot more than the $15 and just want to be prepared. Anyone doing work with you (the subcontractor) has legal right to request that info. If you don't give it up, you don't get paid. Its not uncommon at all for this to be done right up front. (Moreso in the construction etc fields) but the IRS is quickly catching up on the internet.

Its a serious headache to the sponsors as well just to deal with the extra paperwork-filing it etc. But its a law that has to be dealt with. If they don't hit the right people with 10-99's the IRS will (and do) fine the sponsors and can even shut them down.

We have dealt with this for years. The hubby was a contractor for over 20 years and that meant tons of 10-99's for subs. We shredded 40 file boxes full of them a few yrs ago. lol

You might want to get extra copies of the w-9's and have them reaady to do for others as well. More and more sponsors will be wanting them. And soon ALL will have to deal with it or face the IRS *shudder*

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The IRS sank Capone! Don't be next!! http://bbs.gofuckyourself.com/board/wink.gif

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