--Did I apply for an SSN (or other taxpayer identification number
die executor must check item G and provide the taxpayer identification number
of the electing trust with the highest asset value.
The inability to confirm taxpayer identification numbers
is one of the most frustrating aspects of information reporting.
For example, a vendor's taxpayer identification number
(TIN) can have one of two possible formats, depending upon whether the vendor is a business or an individual.
3406 requires backup withholding (currently 28%) if the payee fails to furnish a correct taxpayer identification number
(TIN) or the payer has been notified by the IRS that the payee has previously underreported interest or dividend income.
If such a payment is subject to information reporting, and the payee has not certified his or her taxpayer identification number
(TIN) on Form W-9, Request for Taxpayer Identification Number
and Certification (or certain other conditions exist), the payer must perform "backup" withholding at 28%.
The IRS Taxpayer Identification Number
Matching Service and Transcript Delivery Service also may help with the matching errors, he said.
The contemporaneous substantiation rule for vehicles donated after 2004 requires that the charity generate a detailed receipt showing the name and taxpayer identification number
of the donor, the donee's name, the date and location of the contribution, and the vehicle identification number (or similar number for a boat or airplane).
In administering this exception, payers would have to possess the means of verifying a payee's taxpayer identification number
(TIN) and its eligibility for exemption.
* Any changes that might be needed to Form W-9, Request for Taxpayer Identification Number
and Certification, and related rules for soliciting taxpayer identification numbers
(TINs), and other concerns regarding identifying payees.