What is IRS form 147C?

Answer 1

If a US citizen has an account with any financial institution (Broker, Transfer Agent, Mutual fund, etc.). In order to certify their account with IRS or prevent any tax backup withholding, Investors have to provide ssn on W-9 form revised on Oct. 2007 or later to custodian of account . If name/registration and social security number do not match with the record of IRS; IRS will issue a notice to custodian of account. The institution will issue a B- notice to payee along with W-9 form and immediately start 28% tax withholding from all payment to investor until he/she reply with W-9 form to correct the record. If custodian company get 2 notice within 3 calender year, institution will send a second b notice to payee and start withholding 28% until receiving of request to correct record along with SSA printout or 147c form. If a payee receive a b notice, he/she have to contact SSA(for individual account) to get social security number printout or investor have to contact IRS( for non-individual account like trust account, corporate account) in order to get 147c form. SSA will provide SSN printout to payee and IRS will issue 147C form both forms will indicate tax payer identification number with name that these federal agency have with them. In-order to stop withholding from account payee must submit respective form to custodian company of account.