The IRS Form W-9 is an anchor to the Form 1099 tax reporting and backup withholding process. It is used to identify U.S. persons subject to the Form 1099 rules. U.S. citizens, resident aliens, and domestic entities must provide their correct names and tax identification numbers (TINs) so the payers can correctly report the information on Forms 1099.
Procurement operations play a vital role in Form 1099 tax compliance, and the avoidance of costly penalties for failures in 1099 reporting due to a failure to obtain information at the front end of the procure-to-pay process. Setting expectations at the onset of the relationship with vendors, contractors and other payees, so they know that appropriate tax documentation will be necessary to do business with your firm, will save a great deal of time, trouble and exposure later. For tax purposes, credit screening and contract terms are not enough. You need to get the right tax forms: W-9, W-8BEN or other W-8, or 8233, and obtain them early in the new vendor relationship.
Join noted consultant Jerri LS Langer, with Cokala Tax Reporting Solutions, as she covers the regulatory requirements and recommended best practices:
Learning Objectives: This webinar will give you what you need to know to safely manage AP functions surrounding Form W-9. Learn:
Jerri LS Langer, J.D., L.L.M., Funding Member of COKALA Tax Information Reporting
Jerri LS Langer, J.D., L.L.M., is a founding member of COKALA Tax Information Reporting solutions, and a nationally recognized information reporting and withholding consultant who provides a wide range of tax advisory services to many Fortune 500 companies around the world. She received her J.D. and L.L.M. in Taxation from the University of Florida College of Law (1982) and is a member of the Florida and Michigan bars. She is a past member of the IRS Commissioner's Information Reporting Program Advisory Committee (IRPAC) and served IRPAC as its Subcommittee Chair on Legislation and Regulatory Matters. Jerri was the founding Government Relations Chair for the National Association of Tax Reporting and Payroll Management (NATRPM) and currently serves on the NATRPM Board.
In her previous role as Director in Balance Consulting, an organization specializing in tax reporting and withholding compliance, Jerri coordinated the firm's professional advisory services, as well as the administration of tax advisory services to financial industries. Prior to joining Balance Consulting, she served ProBusiness Services Inc., a Fortune 500 payroll service company, as its chief tax compliance officer where she orchestrated a new merger & acquisition service, as well as managed tax controversy and government relations areas. Jerri learned much of her trade as a Director in Deloitte & Touche, where she gained a national reputation assisting clients in complying with domestic and international tax matters, as well as other tax reporting and withholding requirements. Earlier, as a tax advisor on Wall Street, she gained significant operational experience in domestic and international brokerage, banking and insurance operations and product development, as well as in retirement plan and employee benefits processing.
Jerri is the author of Aspen Publishers' Ohio Payroll Guide and contributes to Aspen Publisher's Payroll Answer Book, both widely circulated publications. She also authored the first BNA Tax Portfolio on U.S. Information Reporting and Backup Withholding, and is frequently quoted in many trade journals.