Another Draft W-9 Released in May — EIN Prohibition on Individuals is Gone The IRS in May released another draft of a new W-9, and this draft removed the prohibition on an individual/sole proprietor from using an EIN. In this latest draft, the only thing listed under “What’s New” is a new backup withholding exemption…
Listen to or watch the related podcast: https://podcasts.dinesenmedia.com/show/information-return-intelligence-1/treasury-aligns-backup-withholding-with-new-1099-reporting-thresholds/ The Treasury Department recently released proposed regulations to update backup withholding thresholds to conform with the increased reporting thresholds for many 1099’able transactions. Background The One Big Beautiful Bill Act (OBBBA) changed sections 6041 and 6041A to increase the reporting threshold from our old, familiar $600 threshold…
