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Video instructions and help with filling out and completing Which Form 5495 Withholding

Instructions and Help about Which Form 5495 Withholding

Even if you're working with independent contractors and you're filing form 1099 at the end of the year like you're supposed to it's possible that you'll need to withhold on the compensation that you're paying to them if you're paying rents non employee compensation for services royalties or any other amount as reported on form 1099 miscellaneous for miscellaneous income generally you'll need to get the pays taxpayer identification number either when the payee opens an account or when the transaction occurs to do this you deliver form w-9 which is a request for a taxpayer identification number to the payee if the payee does not give you a taxpayer identification number or gives you a taxpayer identification number that is obviously incorrect and you'll know it's incorrect because it does not have exactly nine digits or any of the nine digits is not a number if they do give you a bad number begin backup withholding immediately and at least once a year request a correct taxpayer identification number from the payee if the payee provides you with a number that appears correct then backup withholding is not required remember to file Form tonight nine miscellaneous for the total amount paid during the year if it's required if the information on the form 1099 miscellaneous that you file doesn't match the IRS records they may send you one of two notices a CP 2100 or a CP 2100 a these notices include a list of potentially missing or incorrect taxpayer identification numbers what that really means is that the name and taxpayer identification number just don't match what's on the IRS is master file or the taxpayer identification number cannot be found on the IRS as master files the notice also provides you with instructions to correct your records...

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