achyllesheal
New Member
My jurisdiction is: Illinois
I work for a construction company that insists on issuing a W 9 form for checks that are written to compensate for for damages to personal property (most often pick up trucks).
Is this required? If so, why?
It's been my limited experience with insurance companies that they pay on estimates (usually the lowest of 2 or 3) and do not issue W 9 forms.
Our company recently damaged a personal vehicle. This vehicle, however, is still usable. The owner wants to complete the last few weeks of his work duration on the job and then have the repairs done when he has more downtime at when he is laid off. The repairs are expected to take 3 days. This inspector obtained a quote to have the work done and would like to receive a check for the estimated amount of the repair but feels it's unfair of us to issue a W 9 along with the check.
I agree.
I understand the need to issue a W 9 and 1099 for payments made to subcontractors and vendors, service providers and people or businesses we rent property from.
The W 9 for payment of damages to compensate for the reduction in asset value or repair of an asset seems like taking an instruction to issue W 9's to an unreasonable extreme.
I work for a construction company that insists on issuing a W 9 form for checks that are written to compensate for for damages to personal property (most often pick up trucks).
Is this required? If so, why?
It's been my limited experience with insurance companies that they pay on estimates (usually the lowest of 2 or 3) and do not issue W 9 forms.
Our company recently damaged a personal vehicle. This vehicle, however, is still usable. The owner wants to complete the last few weeks of his work duration on the job and then have the repairs done when he has more downtime at when he is laid off. The repairs are expected to take 3 days. This inspector obtained a quote to have the work done and would like to receive a check for the estimated amount of the repair but feels it's unfair of us to issue a W 9 along with the check.
I agree.
I understand the need to issue a W 9 and 1099 for payments made to subcontractors and vendors, service providers and people or businesses we rent property from.
The W 9 for payment of damages to compensate for the reduction in asset value or repair of an asset seems like taking an instruction to issue W 9's to an unreasonable extreme.
