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From the desk of Peter S. Muffoletto, C.P.A. ___ phone (818) 3462160fax (818) 3463130Backup Withholding The Internal Revenue Service imposes what is called Backup Withholding to ensure that the government

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How to fill out backup withholding

01

Start by obtaining Form W-9 from the person who will be receiving the payments.

02

Make sure the taxpayer identification number (TIN) provided on the Form W-9 is correct.

03

Check if the payee is subject to backup withholding by referring to the IRS guidelines.

04

If backup withholding is required, withhold a certain percentage of the payment as indicated by the IRS.

05

Report the backup withholding amount on Form 1099 and submit it to the IRS.

06

Provide a statement to the payee informing them of the backup withholding and the reason for it.

Who needs backup withholding?

01

Backup withholding is typically required when a payee fails to provide their TIN, provides an incorrect TIN, or has been notified by the IRS that they are subject to backup withholding.

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What is backup withholding?

Backup withholding is a tax withheld by payers on certain types of income, including interest and dividends, to ensure that the IRS receives the appropriate amount of tax.

Who is required to file backup withholding?

Payers of certain types of income, such as banks and financial institutions, are required to file backup withholding.

How to fill out backup withholding?

Backup withholding is filled out by reporting the withheld amounts on a Form 1099 and submitting it to the IRS.

What is the purpose of backup withholding?

The purpose of backup withholding is to ensure that the IRS receives tax on certain types of income, even if the recipient fails to provide their taxpayer identification number.

What information must be reported on backup withholding?

The payer must report the amount of backup withholding on Form 1099 and provide a copy to the recipient.

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