New Form W-9 in the Near Future

Form W-9 is used by businesses to obtain the tax identification number—a Social Security number or an employer identification number—of an independent contractor and certain other parties so the businesses can properly report payments to the contractor on information returns (e.g., Form 1099-NEC). The IRS posted a draft of Form W-9 with a revision date of June 2026. The revised form has a new category of exempt recipient for sales of digital assets (DA). If you will engage independent contractors in June, check to see whether the new form is the one to use. #IdeaoftheDay

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