Validating 98-EIN and Foreign Sole Proprietor?
Is a 98-XXXXXXX EIN acceptable for a foreign sole proprietor to use to validate foreign tax documentation?
Also, does the foreign sole proprietor have to be performing their work in the U.S. as indicated by the part of the W-8BEN instruction “or you are engaged in a U.S. trade or business as a sole proprietor” for them to be able to use an EIN on their tax documentation?
Two W-9's But Same Name on Each Line One: What to do?
I have two w-9's that have the companies name on the Name line that says LLC, the Business name is different on both and do not say LLC. Both have the corp box checked. Should I send these two a 1099?
Although rare, it is possible for...
an LLC to elect to file its taxes with the government as a corporation using Form 8832. But the majority of LLCs are not in that category; they are partnerships and not entitled to exception from Form 1099 reporting.
Differentiating Between SSN and EIN when no Hyphens in TIN?
If I have received a Tax ID number with no hyphens is there a way to distinguish a Social Security number from a Employer identification number?
Forms W-9 and Record Retention: How long, what format, and more?
Hello,
We are working on creating a database for our W-9's. We are scanning each paper form and attaching it in pdf format.
- Are we required to keep paper copies if we are able to print them from the pdf format?
- How long are we required to keep paper copies?
- If we have older versions of the form, are we required to contact the vendor and replace with the most current form?
Vendor Will not Complete W-9: What to do?
We have a vendor that we have requested a W9 from- they are a government agency. They will not provide us with a completed W9 form but have sent their EIN in an email. Is this sufficient as long as we get a TIN match on the IRS TIN matching website?
Payee Changes Mid-Year From LLC to Corp: How do I Report?
Question 1 - When a business goes from LLC to CORP or CORP to LCC do the TIN #'s have to change - will they change?
Question 2 - If we have a supplier who was an LLC and half way through the year sent paper work for a name change but the TIN # stayed the same. Are the payments during the LLC name stay reportable? Or do they become non-reportable because they are now a CORP?
W-9 and W-8BEN on File: Report on 1099 or 1042-S?
We are paying a company for services, the head office is in Canada but we are working with the US branch. The invoice says to remit the payment to a Palatine IL address. We have a W9 on file with a US EIN (36-XXXXXXX); we also have a completed W-8ECI on file with the same US issued EIN. They checked Corporation on both forms. Should the Canada office receive a 1042? Or, should we assume that since they have a US EIN that they file a US income tax return and we would not issue a 1042 to the Canada office.....and we would not issue a 1099-MISC since they are a coproration. Is this correct?
A couple of things here:
U.S. Based Company But Payment Issued to Canadian Address: How to Report
From all appearances/indications - we have a US based company (beneficial owner) where we issued a payment to a Canadian address. The US based company should receive a Form 1099-Misc for the total amount of the payments, correct?
A US Person is treated differently than a Non-Resident Alien payee. These distinctions matter as they go to the heart of your withholding and reporting responsibilities. In this regard definitions matter as does a detailed knowledge of the law. In this case and involving your particular payee please note that...
Canadian Vendor and W-8ECI vs. W-9
We have a vendor that we are doing business with located in Canada. They have completed a W-8ECI (Ross Video Ltd) with a US Tax Identification Number 36-XXXXXX. They have also completed a W-9 (same US Tax Identification Number as above) as Ross Video Inc. The EIN matches to the IRS TIN Matching Program. Only the administrative work is performed in Canada. They have one office located in NYC where all other work is processed...."your order XXXX was booked through our USA company. Please send your payment to us in Canada or the address on the W-9. We will receive it either way." Is this reportable on a 1042-S? Since they indicated that they are Incorporated on their W-9, there would not be a reporting obligation on a 1099-Misc, correct?
Reporting Involving Uniform Gift to Minors Act
Uniform Gift to Minors Act... Do you report under the minors SSN and name or the Custodian name? I have been having issues locating this information to back this. Do you know the Reg/Law that would explain in detail? Thank you for your assistance.
First of all, we are assuming you have a W-9 on file with the minor’s name and Social Security Number (SSN) (see the instructions for Form W-9) with any income is taxable to the minor (remember the child will likely have individual returns filed upon their behalf for income they earned above the statutory minimum).