For vendors that we set up as honorarium payments, are we required to keep a W9 form on File?


You are not required to keep a W-9, but having one protects you in the event that the IRS comes back to you because the vendor's TIN does not match its name, or its status is other than it certifies on the signed W-9, or if it was subject to backup withholding but certified on the W-9 that it was exempt. So it is a good practice to keep the W-9.

This assumes that the honorarium is $600 or more. Annual payment amount totals that are less than $600 are generally not reportable. For more information see "Form 1099-Misc Filing Basics" on The Accounts Payable Network under 1099 Information/1099 Basics, or click here. Also see the IRS's Guide on Record Keeping.

Have more questions? Submit a request