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W-9 Form

Customer Question
w-9 Form
Submitted: 2 years ago.Category: Tax
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11/27/2015
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,011
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi,

...

How can I help?

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

Here's the form itself, if that's what you needed...

...

https://www.irs.gov/pub/irs-pdf/fw9.pdf

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Customer reply replied 2 years ago
I need to know how to pay someone off of the w-9
They are a S corp
The first line has person name
the other line has business name
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

The W-9 is the certification of social security number that you keep on file so that you can send the individual a 1099-MISC

...

Corporations, howerver, are not sent 1099's

...

See this from IRS

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

From the instructions for form 1099-MISC
...

"Exceptions. Some payments do not have to be reported on Form 1099-MISC, although they may be taxable to the recipient. Payments for which a Form 1099-MISC is not required include all of the following. Generally, payments to a corporation (including a limited liability company (LLC) that is treated as a C or S Corporation)."

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

(you'll see that on the right side of the first page here):

...

https://www.irs.gov/pub/irs-pdf/i1099msc.pdf

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

Please let me know if you have any questions at all.

...

Lane

...

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

One last point ... There ARE a few times when you still send a 1099 to a corporation.

...

Reportable payments to corporations. The following payments made to corporations generally must be reported on Form 1099-MISC:

  • Medical and health care payments reported in box 6.
  • Fish purchases for cash reported in box 7.
  • Attorneys' fees reported in box 7.
  • Gross proceeds paid to an attorney reported in box 14.
  • Substitute payments in lieu of dividends or tax-exempt interest reported in box 8.
  • Payments by a federal executive agency for services (vendors) reported in box 7.
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Customer reply replied 2 years ago
I am sorry you have me completely confused. I need to know my payee is a S Corp. Then they do not need a 1099 misc. But do I pay them by the company name or by the person who owns the company
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

Company name

...

The S-Corp will then report the income on it's 1120-S and will the flow to the shareholder(s) based on ownership (via the 1120-S, K-1)

...

Works the same way, even if there's only one shareholder

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You are paying the corporation, not the indvidual

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

Does that help?

...

(So sorry for any confusion, but you asked about a form W-9, and typically a payor does not get a W-9 from an S-Corp ... except for those exceptions I listed, such as where an attorney needs to be paid and is set up as an S-Corp.)

...

Please let me know your questions from here...

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

If you wish to get the W-9 and send a 1099 anyway (even though it's not required for S-Corps) you are not prohibited from doing so.

...

  • Just enter the S-Corporation’s legal name on the first line of the W-9.
  • Input any trade name for the business on the “Business name/disregarded entity” line.
  • Mark the “S Corporation” box as the business’ federal tax classification.
  • Check the “exempt payee” box if the S-Corporation isn’t subject to tax withholding.
  • Provide the S-Corporation’s employer identification number in the “Taxpayer Identification Number” section. (You should never enter a shareholder’s or corporate officer’s Social Security number)
  • Have an officer or other authorized representative of the S-Corporation should sign the W-9

...

But again, for S-Corps this is not necessary ... unless the payments are attorney fees, cash paid for fish, or medical and healthcare-related fees

...

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Customer reply replied 2 years ago
Thank you for the help
It makes sense now
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

That's great.

...

I'd really appreciate a positive rating (using those stars on your screen) … That's the only way I'll be credited anything for the work here.

...

Thank you,

Lane

.

.

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,011
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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