Backup withholding is a tax on certain nonpayroll income. Learn more about how it works, which payments it applies to and how to stop it. Many, or all, of the products featured on this page are ...

Backup withholding at a rate of 24% may be applied to taxpayers who provide an incorrect taxpayer identification number or do not report certain types of income.

B is for Backup Withholding. Though it may not feel like it at tax time, our tax system is effectively "Pay As You Go." On payday, if you earn wages, you fulfill part ...

Backup withholding deducts 24% from payments due to tax info issues. It applies to interest, dividends, rentals, and contractor payments. Correct your TIN and submit forms like W-9 to stop future ...

The Treasury Department and the IRS are giving brokers additional time to comply with requirements to withhold taxes on ...

Therefore, the payments were subject to back-up withholding. Since the payer then failed towithhold, the payer is now liable for the penalties (Treas. Reg. section 35a.9999-3).

The backup withholding problems even extend to dead people. TIGTA’s review of tax year 2013 information returns identified 2.3 million returns were submitted for 1.6 million individuals with ...

Backup withholding is money deducted for federal income taxes on some payments by banks and other payers. Backup withholding amounting to 24% of a payment may be required if a taxpayer who ...