Fix issue in the W-9 Tax Form

Aug 6th, 2022
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How to fix issue in the W-9 Tax Form

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Hi everyone. Im Ara Oghoorian with ACap Advisors and Accountants, and welcome to another edition of the ACap ReCap, where we go behind the blog and answer some of your most important questions. Today were going to talk about W-4s, W-2s, W-9s, and why the IRS has so many of these forms, and which one you should complete. But, before we begin, remember to subscribe, like and share our channel, and if theres a topic you want us to cover, email us or send it or put a message in the comments section below, and well be sure to cover it in a future video. The key variable, that dictates, which form you need to complete is whether or not youre an employee or an employer. So, lets start off with the easy one, which is the employee: if youre an employee, you have to complete whats called the W-4. Now, whats the purpose of the W-4? Its to let your employer know how much of your paycheck you want taken out to for federal taxes, because during the year, when y

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Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.
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Resolve tax disputes Taxpayer Advocate Service (TAS) - This free service helps you resolve tax problems. Low-Income Taxpayer Clinics (LITCs) - LITCs represent people in disputes with the IRS. IRS Office of Appeals - This independent organization within the IRS helps resolve your tax disputes without going to tax court.
If you file Form 941 and make a mistake on tax withholding, file Form 941-X, Adjusted Employers Quarterly Federal Tax Return or Claim for Refund. You can either use this form to report overreporting and underreporting and pursue the adjustment process, or you can claim a refund from the IRS. You cannot do both.
If the independent contractor doesnt provide you with Form W-9 you must withhold tax from payments to that person. This is referred to as backup withholding and should be withheld at the rate of 24% and then submitted to the IRS. Form 945 will also need to be filed to report the withheld tax.
What should I do if I want to transfer a payment? Contact the Business Enquiries line at 1-800-959-5525. You need to provide the amount, the date the payment was made, and where you want the money transferred to. If you like, you can also use the online form Transfer a misallocated credit to request the transfer.
Send one copy of the amended or cancelled slips to any national verification and collection centre with a letter explaining the reason for the amendment or cancellation.
If you think the information on your T4 Statement of Remuneration Paid is incorrect, youll need to contact your employer or the issuer of the slip, and quite possibly have an amended slip issued. When it comes to income tax filing, both the employee and the employer have certain responsibilities.
Heres how to request a change to your tax return: Online. Change my return. Sign into My Account to make a change online. If you filed your taxes online, you can use ReFILE to change your return. Fill out the paper Form T1-ADJ, T1 Adjustment Request, and mail it with all supporting documents to your tax centre.
If any of the info showing on Form W-9 needs changing, you wont be able to change it in account hub. Rather, youll need to send us a revised Form W-9. This includes when you initially enroll with a bank as well as subsequent to being approved by the bank.

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