Why would a lender request a W9?

[JTRock]

Had one ask for a W9 today and this is not something I typically supply to customers. They mentioned that they need to file it as an expense but the borrower is the one that paid for the appraisal. If I were to pay for a professional service from someone I would not ask for a W9 from them. what is going on here?

 

[Mike Kennedy]

Is "the Lender" a federally regulated bank? Did the borrower pay you directly?

 

[Mile High Trout]

This might not be the answer you're looking for.

But just in case:

Have you pressed the easy button on that requirement yet?

I want to know who you're working with that does not require this. Nutz man, I have to give this out to all of them. They need it so that they can send me 1099's with the incorrect figures every year. HA!

http://www.irs.gov/Businesses/Small...n-Employer-Identification-Number-(EIN)-Online

 

[CANative]

Maybe they're getting audited.

 

[JTRock]

I could care less what they have to do on their end as far as taxes and reporting. I have a business to run and it is not part of my routine to send out W9's to customers. This company ordered an appraisal with my company. I extended them 30 days credit to pay for the appraisal and that is stated on the invoice. I never agreed to send them a W9 and I am under no obligation to do so. That is like having a handyman come out to my house to repair a toilet and then calling him a week later to tell him I need a W9. you just don't do that

 

[CANative]

Just decline their W9 assignment.

 

[JTRock]

The "lender" is federally regulated. The borrower did not pay us directly. Bottom line is that we performed an appraisal and sent them the appraisal product. They were given 30 days to pay for the appraisal based on what was stated on the invoice. I am not aware of any law stating that I have to supply a customer with a W9. why are appraisers doing this?

 

[Terrel L. Shields]

it is not part of my routine to send out W9's to customers

If you do work for them again, they are required by law to withhold something like 27% of the check and send to the IRS.

I send out 1099s to those who do work for me and I fill out W-9s as requested.

 

[BRCJR]

The "lender" is federally regulated. The borrower did not pay us directly. Bottom line is that we performed an appraisal and sent them the appraisal product. They were given 30 days to pay for the appraisal based on what was stated on the invoice. I am not aware of any law stating that I have to supply a customer with a W9. why are appraisers doing this?

Without your W9 information provided how can they send you a 1099?


If you do about 600 worth of business a year they are supposed to do so.

 

[JTRock]

why do I care about 1099's????? As a business owner I am responsible for reporting my own taxes. I don't need 1099's to do so. How can a customer that orders a product from my company decide that they are only going to pay a portion of the price for it after a set price has been agreed upon? how can they possibly withold an agreed upon price once the product has been sent?