- Sales Tax
- Charitable Contributions
- Unrelated Business Income
- Form W-9
- Foreign Vendors
- Employment Issues
- Fringe Benefits
- Independent Contractor versus Employee Status
- Intermediate Sanctions (Private Benefit/Private Inurement)
- Cellular Phone Policy & Procedures
The Internal Revenue Service (IRS) requires Baylor University to obtain appropriate taxpayer identification information prior to issuing payments through the accounts payable system. Accordingly, by requesting and maintaining information provided on the Form W-9, “Request for Taxpayer Identification Number and Certification” (W-9), Baylor shall ensure that vendors (excluding students and employees) conducting business with the University disclose this needed information. The W-9 provides the vendor’s name and address, type of business (i.e. corporation, sole proprietor, partnership, etc.), and taxpayer identification number.
Each University department is responsible for requesting the initial W-9 from new vendors. Additionally, the Accounts Payable Office will annually follow IRS guidelines for requesting updated taxpayer information for existing vendors in which the University does not have a W-9 on file or receives IRS notice of missing or incorrect taxpayer identification numbers.
The University will backup withhold and submit the appropriate tax to the IRS should a vendor fail or refuse to provide a completed W-9 or provide an inaccurate W-9. Backup withholding will continue on all payments made to the vendor until a correctly completed W-9 is received. Failure of the University to collect the required taxpayer information and withhold the appropriate tax subjects Baylor to the tax amount that should have been withheld as well as interest and penalties.