With the IRS revising the W-9 form, what is our obligation as far as getting updated W-9 forms from all of our existing vendors who had provided what are now older versions of the form?

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No, you do not have to solicit or obtain new form W-9s from your existing vendors.  Per Cokala, “You do not need to go back and re-solicit payees for whom you already have older versions of the W-9s on file; use the new W-9 going forward.”

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This question was answered by COKALA Tax Information Reporting Solutions, LLC, a 3rd party, independent advisory services firm offering experienced and practical help for tax regulatory compliance for Forms W-9, W-8, W-2, 1099, 1098, 5498, 945, 1042, 1042-S, and state reporting. You can learn more about them at www.cokala.com.

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