I am a contractor who was forced to file a W-9 for a TIN. What happens if i don't pay my taxes for one year?
I am assuming the company I am working for will submit my W-9 and inform the IRS of my wages. Is that so? If they do not submit my wages to the IRS would the IRS expect me to file and pay income tax every year even if I earned no wages or was unemployed? I am receiving direct deposit of my wages from the company I am working for currently. Would there be any proof of these wages provided to the IRS from the company I am contracting with? I have just started this contractor job in 2007 and was an employee with a W-2 until Nov of 2006. I am hearing conflicting information of persons who do not file, and those who do. This is not a moral issue I am interested on the legal and financial outcomes if I chose to not pay quarterly estimated taxes for 2007.
Asked By: fotostoyou - 1/22/2007
Best Answer - Chosen by Asker
The W-9 informs the company of you SSN. It is not sent to the IRS. It does give the company the Information they need to complete a 1099. That is the form used to report the payments they made to you both to you and to the IRS. If they paid you $600 or more in any one year, they are required to file a 1099. As an... More
Answered By: STEVEN F - 1/22/2007
Additional Answers (6)
Pay your quarterly tax. 1099 are reported to the IRS
Answered By: golferwhoworks - 1/22/2007
just pay it because if you dont, you gonna owe the state and thats not good, also it can get you in big trouble for not paying taxes, why do you think taxes are taken out of people paycheck automatically becuase if it wasnt, no one would be paying taxes!!!
Answered By: Eugene W - 1/22/2007
"Forced to file" a W-9? You do realize that that is a requirement of the IRS. If the company does not have a copy of your W-9 on file, they cannot pay you... More
Answered By: jseah114 - 1/22/2007
yes you are liable for it and will suffer penalties... More
Answered By: mailjunkie123 - 1/22/2007
They probably will report the income to the IRS and they should. If they ever got audited and didn't report YOUR income, they would be in trouble. WHEN you get a 1099-MISC, you better report the income, and the expenses that were incurred to decrease that income. You will also have self-employment tax (15.3% of the... More
Answered By: dizneyfreak1 - 1/22/2007
If you just started as an independent contractor in 2007, then it won't affect the return you'll be filing now - that amount will be on your W-2... More
Answered By: Judy - 1/22/2007
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