IRS Forms

Following are commonly used tax reporting forms used by businesses, employees, and independent contractors:


IRS Form W-2: Wage and Tax Statement

IRS Form W-2 is a form required to be prepared by employers once each year. The IRS requires employers to report wage and salary information for employees on Form W-2. The form also reports the amount of federal, state, and other taxes withheld. Employers are required to provide employees with the form no later than January 31 of each year so employees have it in time to file their personal tax returns.


IRS Form W-9: Request for Taxpayer ID Number and Certification

IRS Form W-9 is the form used to provide the taxpayer's Tax 10 Number (TIN) to someone who is required to file an information form with the IRS to report income paid. The form must be completed by self-employed independent contractors.


IRS Form 1099-Misc/ Miscellaneous Income

This I RS form is used to report rents, royalties, and other income of $600 or more from a single person or entity each year. Self-employment income is now reported on IRS Form 1099-NEC.


IRS Form W-4, Employee's Withholding Certificate

This form is completed by employees to establish how much federal income tax an employer should withhold from each paycheck. It is completed at the start of employment and should be updated when appropriate.


IRS Form 1099-NEC

This form replaced the 1099-MISC, Miscellaneous for reporting self-employment income of $600 or more each year. The form is used by independent contractors.


IRS Form 542 for Independent Contractors

IRS Form 542 must be filed by California employers each calendar year who make payments of $600 or more to an independent contractor or makes an agreement to pay an independent contractor more than $600. The form must be filed within twenty days of the payment or the agreement.


IRS Form 941

IRS Form 941 is a tax form that businesses file quarterly to report income taxes, Social Security taxes and Medicare taxes they withhold from employee paychecks. Form 941 also from employee paychecks. Form 941 also reports employer Social Security taxes and Medicare taxes. Filing deadlines are the last day of January, April, July, and October.


W-9 Form - Form 1099

A W-9 Form is also known as a Request for Taxpayer Identification Number and Certification Form. It is an IRS (Internal Revenue Service) form used primarily by independent contractors to confirm a taxpayer's name, address, and taxpayer identification number or TIN. This includes a person or a business entity that receives income from the party requesting the W-9 Form. It does not include employees who are on payroll.

Most importantly, failing or refusing to provide a W-9 Form can result in a penalty being assessed by the IRS and can also result in backup withholding of 24% of the amount of income paid and received.

IRS Form 1099 is required to be issued once the minimum income threshold of $600 is reached in a calendar year but is customarily requested when work commences. Any amount under $600 must still be reported by the recipient as income but does not require the issuance of a Form 1099 by the payer.

W-9 Forms are on the IRS website and are also commonly provided by most employers and most accountants.

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