W-9 Form Processing, Collection & Terms
Last Updated: Oct 19th, 2021
Processing & collection:
As outlined in Client MSAs, DisburseCloud files and issues 1099 Forms by collecting data from a Form W-9 or a substitute Form W-9*, by request of its Clients/Subscribers and on behalf of their End Users for processing informational returns.
- Relevant End User data is collected from Client/Subscriber for 1099 submission in the form of W-9 Forms or in an aggregated file known as W-9 Form Alternatives*
- DisburseCloud does not collect W-9 Forms or W-9 Form Alternatives* directly from the End User
DisburseCloud files and issues 1099 Forms by collecting data from a Form W-9 or a substitute Form W-9*, utilizing End User data which may include, but is not limited to, the following:
*Clients/Subscribers/Payers may provide W-9 equivalent information in bulk which results in DisburseCloud processing a large data file of W-9 Form Alternatives. In such cases, DisburseCloud does not process the actual forms, but requires Payers to keep original W-9 Forms for their tax compliance.
DisburseCloud’s Required End User Consent Language:
(To be added to contract with End User by Client/Subscriber)
You certify, under penalty of perjury that:
- The Taxpayer Identification Number or Social Security Number provided is correct.
- You are not subject to backup withholding either because (a) you are exempt from backup withholding, or (b) you have not been notified by the Internal Revenue Service (IRS) that you are subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS has notified you that you are no longer subject to backup withholding.
- You are a U.S. citizen or other U.S. person.
- The FATCA code(s) entered (if any) indicating that you are exempt from FATCA reporting is correct.
You grant [Client/Subscriber] limited power of attorney to act as your agent in processing your W-9 Form. The Internal Revenue Service does not require [Client/Subscriber] consent to any provision of this document other than the certifications required to avoid backup withholding.