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W-9 WEBSITE INFORMATION Department of Financial Services Division of Accounting & Auditing 1.

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Presentation on theme: "W-9 WEBSITE INFORMATION Department of Financial Services Division of Accounting & Auditing 1."— Presentation transcript:

1 W-9 WEBSITE INFORMATION Department of Financial Services Division of Accounting & Auditing 1

2  Overview Legal Basis Impact  Website Overview  Taxpayer Authentication  Communication Plan  Additional Information Links Contact Information Q & A 2

3 Substitute Form W-9 3

4 Created Section 3402(t) I.R.C. 3% withholding law Effective January 1, 2012 Requires governments to withhold 3 percent on individual payments for goods and services of $10,000 or more Public Law , Section 511, Tax Increase Prevention and Reconciliation Act (TIPRA) of

5 Requires vendors to provide their correct Taxpayer Identification Number (TIN) to Department of Financial Services (DFS) who must file information returns with the IRS to report certain payments Internal Revenue Code (I.R.C.) Section Identifying Numbers Healthcare Reform Bill Passed by Congress Eliminates corporate exemptions from 1099 reporting Public Law , “Patient Protection and Affordable Care Act” 5

6 State must obtain Substitute Form W-9 for all vendors (over 200,000 vendors) ◦Automate the submission of Substitute Form W-9 Vendors will need to submit a valid Substitute Form W-9 to State of Florida ◦Prior to first order or purchase Business Designation section will expand to align with requirements of 3 percent withholding and draft regulations IRS TIN matching will be used for validation State must obtain Substitute Form W-9 for all vendors (over 200,000 vendors) ◦Automate the submission of Substitute Form W-9 Vendors will need to submit a valid Substitute Form W-9 to State of Florida ◦Prior to first order or purchase Business Designation section will expand to align with requirements of 3 percent withholding and draft regulations IRS TIN matching will be used for validation 6

7 W-9 Website Overview 7

8 Launch Date: March Launch Date: March 8

9 Click here to access “Profile Registration” screen Select any of these options for additional information Once registered, vendors can sign on to the W-9 Website Training on how to access and complete forms is offered through this link 9

10 For details on registration and submission of the Substitute Form W-9, please view the presentation at the following link: stituteFormW9Workshop.pdf stituteFormW9Workshop.pdf 10

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12 State of Florida participates in IRS TIN Matching Program ◦Nightly load of all of the Substitute Form W-9 adds or name changes will check the TIN against the IRS Name/TIN combination contained in the IRS database Vendor will receive one of three responses via 1.IRS Name and TIN combination match IRS records and vendor account will be activated 2.TIN submitted has not been issued to any entity therefore it is invalid 3.IRS Name and TIN combination does not match IRS records Status will appear on W-9 Main Menu Status may be checked in Statewide Vendor File 12

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14 Webinars for State of Florida Vendors ◦February 24, 2011 ◦March 17, 2011 ◦March 24, 2011 Message on Warrant and EFT Remittances Notification and link on MyFloridaMarketPlace (MFMP) website DFS Flyer Messages and links on DFS website Planned link on MyFlorida.com website 14

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16 Vendor Portal https://flvendor.myfloridacfo.com 3% Withholding Requirement lding.htmhttp://www.myfloridacfo.com/aadir/IRS3PercentWithho lding.htm MFMP urchasing/myflorida_marketplace/mfmp_vendorshttp://dms.myflorida.com/business_operations/state_p urchasing/myflorida_marketplace/mfmp_vendors W-9 Information htmhttp://www.myfloridacfo.com/aadir/SubstituteFormW9. htm 16

17 Vendor Management Section ◦(850) MFMP Vendor Help ◦

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