Quote:
Originally Posted by OrbitalEllipses
...I just don't understand the particular role of W-9, unless it's just us giving our information to them.
|
Oh sorry. Yes, that is you giving them the information they need to file with the IRS so they can take it off their taxes as a business expense. My guess is not filling it out is basically the equivalent of not accepting the award so you won't be going.
My understanding is a 1099 and a W2G are really two ways for reporting the same thing. A W2G is gambling income and a 1099 would be used to report income paid to a non-employee. Either way, no taxes withheld, and it doesn't have to be cash, but the value of services paid to them.
Technically, we did not win this trip through the First 86 program directly so they might need to use a 1099 rather than a W2G, but that's for the bean counters to decide in the end. The net effect to us is the same.