The Internal Revenue Service (IRS) unveiled a revised version of Form W-9[1] in March 2024, Request for Taxpayer Identification Number and Certification. Certain changes were introduced into Form W-9 such as new reporting requirements which particularly affect the flow-through entities.
What is the IRS Form W-9?
The Internal Revenue Service (IRS) Form W-9 which is also known as the “Request for Taxpayer Identification Number and Certification” is a form used by the IRS to obtain the taxpayer identification number (TIN) of a person living in the US. In March 2024, certain changes were made to Form W-9 which marked a significant update since its last revision in 2018.
Instructions for IRS Form W-9 in 2024
There are two parts to be filled in this form—the Taxpayer Identification Number (TIN) and Certification. However, some of the general requirements in filing this form include:
- Name of entity/individual
- Business name
- Tax classification
- Exemptions
- Address
- City, State, and Zip code
- List of account number(s)
- Part I: Taxpayer Identification Number (TIN)
- Part II: Certification
- Signature & Date
What is New in the Form?
Line 3a has been modified to clarify how a disregarded entity completes this line. An LLC that is a disregarded entity should check the appropriate box for the tax classification of its owner. Otherwise, it should check the “LLC” box and enter its appropriate tax classification. New line 3b has been added to this form.
A flow-through entity is required to complete this line to indicate that it has direct or indirect foreign partners, owners, or beneficiaries when it provides the Form W-9 to another flow-through entity in which it has an ownership interest. This change is intended to provide a flow-through entity with information regarding the status of its indirect foreign partners, owners, or beneficiaries so that it can satisfy any applicable reporting requirements.
How to Fill Out the IRS Form W-9 in 2024
You can fill out Form W-9 by downloading it on the IRS Website. Complete the Form by following the instructions in each section of the form.
You can submit the form after completion by submitting it to the requester. This is the person or company who requested for the form to be filled out. Do not send it to the IRS.
For a proper guide;
- Download the IRS Form W-9 from the IRS website
- Fill in your full legal name and business name
- Describe your business structure
- Fill the exemptions
- Input your mailing address
- Add your account number(s)
- Provide your Social Security Number or Employer Identification Number
- Sign and date the form
- Submit to the Requester
Where to Apply for Form W-9
You do not need to apply for the form as it is provided to you upon request. If a business or client asks you to complete a Form W-9, you can download it from the IRS, fill it out, and submit it to the client who is the requester of the form
