Gordon is unable to provide tax advice to individuals. If you wish to claim a tax credit for educational benefits, be sure to include the T form with your tax return. In addition to the T, your personal financial records may serve as official supporting documentation for your federal income tax return.
We are not personal tax preparers and cannot give any personal tax advice. For tax preparation advice, please consult a tax advisor. Gordon College is one of the nation's premier Christian colleges and located just north of Boston. We offer students extraordinary access to leading-edge opportunities for intellectual, professional, and leadership development to address the increasingly complex challenges of a global society.
Gordon stands apart from other outstanding institutions in New England by combining an exceptional education with an informed Christian faith. The IRS also allows requesters to create a way for secure electronic submission, either by fax or via the internet.
Taxpayer Identification Number (TIN) Policy
For those who are concerned about security, a variety of software program options are available, including Sharefile, Dropbox, Formatta and FormDoc. For many types of payment situations, the payee is not required to sign the W-9 form, so this will not be an issue with an electronic submission. Be sure, however, to check the IRS guidelines to be sure your situation applies. Despite your best efforts to obtain accurate information, your request may still be refused.
In this case, there are several steps you must take to remain in compliance with IRS regulations and avoid penalties. Fill out required forms: Even though you do not have a TIN from the contractor, you should still fill out their form, if applicable. Either leave the box reserved for their TIN blank, or write, "Refused" in place of the number.
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When providing contractors with the form, reinforce their obligation to provide you with the correct information. Begin Backup Withholding: Once a is submitted, you will most likely receive a CP notice from the IRS, which will instruct you to begin backup withholding.
Essential Tax Forms
This means that you are required to withhold 24 percent of any payments you make to the contractor. You will then need to submit the withholding amount to the IRS using Form , an annual return of withheld federal income tax for non-payroll payments.
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This ensures that the IRS receives sufficient tax payments on the income the contractor is earning. Send a notice and try again: You must also send the payee a "B" notice, informing them of the backup withholding status, and another IRS form W-9 to once again solicit the information. You may be required to send a second "B" notice, but not more than twice within three calendar years. Be sure to maintain accurate records of when you send each notice. One of the best ways to prevent the problem of not being able to get the information you need is to get it up front at the beginning of your business relationship.
You can easily make the form part of your business contract with a vendor.
When you reach an agreement over the delivery of materials or service, ask each contractor to fill out and sign the W-9 prior to the start of any work. These documents include tax returns, statements, and reports. Banks and other businesses use TIN numbers when interacting with an entity. The tax identification number must appear on all materials submitted to the IRS to claim tax benefits, exclusions, or to pay taxes.
For example, taxpayers filing annual tax returns must furnish a TIN on their return, and employers reporting wages paid to employees must furnish these employees' TINs.
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These numbers are temporary. Tax preparers may apply for these numbers by mail or online. Special rules apply to foreign tax preparers who are unable to obtain Social Security numbers. Employer identification numbers EINs are also known as federal employer identification numbers.
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The IRS requires businesses, including corporations and partnerships, as well as some trusts and estates, to use EINs. A sole proprietor who employs at least one individual, other than themselves, must obtain an EIN.
In addition, the IRS requires entities to use an EIN under special circumstances, such as if they have a Keogh plan , file returns related to alcohol, tobacco, or firearms' or if they are involved with certain types of organizations. Obtaining an EIN is free and can be done online. Typically, a new EIN must be obtained if the business ownership or structure changes.
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