The pandemic has reverberated throughout the entire state economy. The government is already talking about coronavirus tax season extension. In these force majeure circumstances, printable W-9 filling is becoming a relevant issue.
General tax relief measures
The authorities are going to undertake the following actions to smooth the consequences.
|Type of support||Description|
|Filing Relief||The filling date of the returns is going to be extended.
|Coronavirus Tax Cuts||Relief system for the most vulnerable parts of the population and companies.|
|Tax Credits||Refund system which can be applied for businesses and private individuals.|
All in all, these steps won’t let the crisis break the whole country economy. At present, the Treasury Department is working on the extra initiatives to help people feel protected.
What’s new about W-9 2020?
Still, any financial institution should report to the IRS about each payment made to the contractor. Nothing has changed in the form contents: it should contain all the necessary details such as name, address, SSN or TIN. The only difference is that due to the current situation this year the form can be submitted later.
All the income taxes filing deadlines are extended to July 15, 2020. The contractor won’t be charged any interest during the extension period. But after this day the system of penalties may be introduced.
How to claim the extension?
This process is automatic, the taxpayers aren’t required to act. However, the state authorities may notify both parties of the transaction about the deadlines of the paperwork to be completed. If the extended deadline has been missed, some penalties may be imposed on the taxpayer.