W9 form, or the “Request for Taxpayer Identification Number and Certification,” is a document issued by the Internal Revenue Service (IRS). Companies and individuals use this document to obtain information from contractors, freelancers, or other non-employees for tax purposes.

The W9 form is an important tax document for the person or entity paying for services, as it allows them to report the payments they make accurately. Unlike regular employees who receive W-2 forms, independent contractors, freelancers, and non-employees fill out W-9 forms.

This form includes some information, such as name, address, and taxpayer identification number (TIN), which could be a social security number (SSN) or an employer identification number (EIN). It’s worth noting that the 2023 W9 form doesn’t typically need to be submitted to the IRS by the contractor; instead, the entity or individual who requested the form keeps it on file.

How Often Should a W-9 Form Be Updated?

How often should a W9 form be updated? The IRS doesn’t specify a set timeline for updating the W-9 form. It doesn’t need to be completed annually like a tax return, but it should be updated whenever there’s a change in the contractor’s information.

Significant changes might include a change in name (for example, due to marriage or divorce), a change in a business entity (like moving from a sole proprietorship to an LLC), or a change in the taxpayer identification number. The contractor should complete a new W-9 form to ensure the record information is up-to-date and accurate.

Additionally, the entity or individual making payments should request a new W-9 form if they believe the information they have on file is outdated or incorrect. Both parties must keep accurate records to avoid potential tax issues down the line.