What information does a W-9 form collect from an individual or business?

The W-9 form collects key taxpayer information, including the contractor’s legal name, business name (if any), tax classification, address, and Taxpayer Identification Number (TIN). It also includes a certification section where the contractor confirms the accuracy of the information and whether they are subject to backup withholding.

Is the W-9 form required for all independent contractors or freelancers?

The W-9 form is required for any independent contractor or freelancer that a business expects to pay $600 or more in a tax year, not per transaction. Even if it's uncertain whether the threshold will be met, it's best practice to collect the form at the start of the working relationship to ensure compliance and simplify year-end reporting.

Can a contractor update the W-9 form if their information changes?

A contractor should update their W-9 form whenever key information, such as name, address, or Taxpayer Identification Number, changes. Keeping this information current supports accurate tax reporting and effective compliance management. Businesses may also request an updated form if discrepancies arise or the contractor’s status changes.