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Form W-9 Data

Form W-9 Data

A W-9 form is a document used by U.S. businesses and organizations to collect the taxpayer identification number (TIN) and certification of an individual or entity that is doing business with them. The W-9 form is typically used when the business or organization is making payments to an independent contractor or when a business is receiving rent payments. The W-9 form is not sent to the IRS, but it should be kept by the entity that requested the form for their records.

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Did you know?

A fun fact about

Form W-9 Data

One interesting fact about the W-9 form is that its creation was not originally driven by the Internal Revenue Service (IRS). The form was actually introduced by banks in the 1980s as a way to comply with the backup withholding requirements for interest and dividends. Banks needed a way to collect TINs from their customers to report interest and dividend income to the IRS. As a result, they developed the W-9 form and began using it to gather the necessary information.

Over time, the W-9 form's use expanded beyond banks and financial institutions. Employers, businesses, and various entities found it useful for obtaining TINs from individuals and other entities with whom they conducted financial transactions.

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