Question

Schools may have multiple W-9 for scholastic book fair, digital products, library. They should have one from us updated each ____________.

Answer 1

Organizations should request an updated Form W-9 annually for tax reporting and maintaining compliance. This is relevant for schools that engage in transactions such as scholastic book fairs or digital product purchases.

Step-by-step explanation:

Schools involved with transactions such as scholastic book fairs or purchases of digital products may be required to have on file a Form W-9 for tax reporting and verification purposes.

This form is used by organizations to request the taxpayer identification number (TIN) of a U.S. person, including a resident alien, and to request certain certifications and claims for exemption.

The Internal Revenue Service (IRS) suggests that organizations should update their records with a new W-9 annually, to maintain accurate information and compliance.