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What happens to info on W9 when sent to a client/customer?

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If a 1099 misc is...
What happens to info on W9 when sent to a client/customer? If a 1099 misc is not received from client/customer...does that mean income was not reported to IRS?
Submitted: 1 year ago.Category: Tax
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3/1/2016
Tax Professional: Jason M. Tyra, CPA, Certified Public Accountant (CPA) replied 1 year ago
Jason M. Tyra, CPA
Jason M. Tyra, CPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 178
Experience: Principal at Jason M. Tyra, CPA, PLLC
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Hello,

The purpose of form W9 is for a payer to collect information that would normally be needed to produce a 1099 at the end of the year. If you met the criteria to receive a 1099 and didn't receive one, it probably means that the income wasn't reported to the IRS, but not always. Here are a few reasons why you would not receive a 1099 form:

-You did not receive $600 in payments from the payer during the year

-You are not a US taxpayer

-You are a corporation

-You claimed to be exempt from tax

It's a good idea to report all income you received during the year, even if you didn't receive a 1099 form.

Ask Your Own Tax Question
Tax Professional: Jason M. Tyra, CPA, Certified Public Accountant (CPA) replied 1 year ago

Hello,

The purpose of form W9 is for a payer to collect information that would normally be needed to produce a 1099 at the end of the year. If you met the criteria to receive a 1099 and didn't receive one, it probably means that the income wasn't reported to the IRS, but not always. Here are a few reasons why you would not receive a 1099 form:

-You did not receive $600 in payments from the payer during the year

-You are not a US taxpayer

-You are a corporation

-You claimed to be exempt from tax

It's a good idea to report all income you received during the year, even if you didn't receive a 1099 form.

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Ask Jason M. Tyra, CPA Your Own Question
Jason M. Tyra, CPA
Jason M. Tyra, CPA
Jason M. Tyra, CPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 178
178 Satisfied Customers
Experience: Principal at Jason M. Tyra, CPA, PLLC

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