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Collection of Back-up Withholding Taxes from Vendors

April 04, 2012

Section 3406 of the Internal Revenue Code requires that payers withhold 28 percent of certain payments reported on information returns, such as IRS Form 1099-MISC,

Miscellaneous Income, if a vendor fails to furnish its Taxpayer Identification Number (TIN) or if the IRS notifies the payer that the TIN is invalid. In October of each year, the IRS notifies payers of possible errors included on the Form 1099-MISC submitted for the previous tax year (TY) by mailing them a Notice of Possible Payee Name/TIN Discrepancy (CP 2100 Notice). Read the full report

Read the summary report

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