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Validating a federal tax id number

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The federal Housing Assistance Tax Act of 2008 included the enactment of new Section 6050W of the Internal Revenue Code (Section 6050W) that requires reporting entities to annually report payments in settlement of card and payment third party network transactions to the IRS for all merchants.Section 6050W also requires reporting entities to perform backup withholding from merchant funding by deducting and withholding income tax (currently 28%) from the gross sales amount of reportable transactions if (a) the merchant fails to provide the merchant’s TIN to the reporting entity, or (b) the IRS notifies the reporting entity that the TIN (when matched with the name) is incorrect.And how the expertise of Bloomberg BNA speaks volumes.An Employer Identification Number (EIN) is a nine digit number associated with a company or corporation.Under these rules, your workers are employees if you have the right to direct and control them in the way they work, both as to the final results and as to the details of when, where, and how their work is done.Even if you grant your workers considerable discretion in determining how they do their work, as long as you retain the legal right to control their activities, the workers are common-law employees.If you want to claim a donation made to a charity as a tax deduction, you must make sure that it has nonprofit status with the IRS.The Exempt Organizations Select Check database maintained by the IRS lets you search for information on nonprofit organizations.

A W-9 is usually submitted when a citizen receives payment for service rendered as an independent contractor, when you pay interest on mortgage, and when you put in money for your IRA account.

The IRS has a 20-factor analysis you can use to assist you in making a determination.

There is also a safe haven rule, as well as the opportunity to request a ruling from the IRS as to employee or independent contractor status.

The classification of workers as employees or independent contractors determines whether an employer is responsible for withholding and paying payroll taxes.

The worker's classification is based chiefly on whether you have the right to direct or control the worker's work.