W9 Form 2024 Irs Penalties. If the vendor still doesn’t provide a tin, withhold 24% of the amount you pay them until. This blog will give you an overview as well as insight into how this may affect your business’s compliance process.
The internal revenue service (irs) can impose fines on businesses that fail to collect w9 forms from entities they pay. Not filling out a w9 form can also result in penalties.