When you are asked to fill out a W-9 form, in the future you will receive a 1099 tax form from Centro Team (Envisionext). This is similar to an employee’s W-2 form, however, the 1099 form is filled as a non-employee compensation, so W-2 form is not required.
The 1099 is important for filling out your tax return. We include all amounts reported on 1099 forms in your gross income since it is fully taxable just like an employee’s wages. If you fail to report any of this income and pay tax on it, you may be subject to a number of penalties that will increase the amount you owe.
You have a responsibility to obtain the W-9 from the payer; however, it’s not necessary to send it to the IRS.
IMPORTANT! It’s only necessary to issue a 1099 if you earn $600 or more during the tax year. If you do, you must send the 1099 to the IRS as well. The form is required for US Models and Influencers only, who have ACH, Wire or check as a Payment method.
P.S.: if the Type of business in your Payment details is Corp, the 1099 form is not required. Please find an email from firstname.lastname@example.org in order to fill the W-9 form. Please be advised, that we can hold the Scheduled Payout until we receive the form filled by you.
The W-9 form should be filled once, until you change the address for getting the 1099 annual form.