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Illinois is one of the biggest states in the United States and has a population of about 12.88 million Americans. It ranks at number six as one of the most populous states, in the US meaning collection of tax is key for the government in this region. Any employed or self-employed individual or entity is required to fill in the Illinois W9 form. The Illinois W9 form is what is used by the Illinois Department of Revenue to collect tax from its citizens and ensure that they abide by the law.
The Illinois W9 form can easily be downloaded from the Internal Revenue Service’s website. The W9 form is usually requested for by either an individual or entity that will be paying your income during the year. Also, known as the Request for Taxpayer Identification Number and Certification, the Illinois W9 form is pretty simple and easy to fill. The four page document will require your basic information. The Illinois W9 form is what is filled out and issued to a requester but it isn’t what is issued to the IRS. Instead, Form 1099 is what is issued to the IRS once your tax returns have been filed by either your employer or the entity that’s paying you. To be able to fill out an Illinois W9 form, you will need your Social Security Number or your Employer Identification Number. It’ important to make sure that any detail you fill in the W9 form is correct as any wrong information will lead to penalties.
You can either download the pdf form from the IRS website and hand fill it or you can fill it online. Once you have filled in all the required information on your Illinois W9 form and signed it, you can provide it to your requester. Certain entities are subject to what is referred to as backup withholding tax. Whenever you issue your W9 form to any entity or individual, they are required by law to withhold 28% of the payments made to you. This is what is paid to the IRS. Most cases of tax evasion happen when entities are not issued with the right details to withhold tax. However, real estate transactions are exempted from the backup withholding. Once issued with your Social Security Number, the IRS will inform you whether you are subject to backup withholding. In any case, it is your duty to inform your employer or any entity paying you that you are subject to the backup withholding failure to which will lead to penalties. As mentioned, filling out the Illinois W9 form isn’t a tedious process if you have all the information needed.
In the event that you need to provide the W9 form and you don’t have the
taxpayer identification number, it will be in your best interest to apply for
one. Most companies will not do business with you or employ you if you don’t have
your taxpayer identification number. Additionally, it’s important to ensure
that all your W9 forms are kept safely. Your W9 forms will always have your
Social Security Number and if it ends up in the wrong hands, you can become a
victim of identity theft. There are cases of people who have fallen prey to
such and it’s not a good experience to go through. As such always send out your
W9 form securely to prevent such cases. In addition, make sure that whoever is
requesting for your Illinois W9 form is genuine and is not meant for any
unscrupulous businesses. Also make sure that your taxes are filed on time to
prevent penalties from the IRS.