Sentences with phrase «backup withholding»

See Publication 1281, Backup Withholding for Missing and Incorrect Name / TINs, for more information.

A non-U.S. holder may have to comply with certification procedures to establish that it is not a United States person in order to avoid information reporting and backup withholding tax requirements.

The certification procedures required to claim a reduced rate of withholding under a treaty will satisfy the certification requirements necessary to avoid the backup withholding tax as well.

The backup withholding tax rate is currently 28 %.

Payment of disposition proceeds effected outside the United States by or through a non-U.S. office of a non-U.S. broker generally will not be subject to information reporting or backup withholding if the payment is not received in the United States.

Payments of dividends on or of proceeds from the disposition of our common stock made to you may be subject to additional information reporting and backup withholding at a current rate of 28 % unless you establish an exemption, for example, by properly certifying your non-U.S. status on a Form W - 8BEN or another appropriate version of IRS Form W - 8.

Backup withholding may apply if the payor has actual knowledge, or reason to know, that the holder is a U.S. person who is not an exempt recipient.

Rather, any amount withheld under the backup withholding rules will be creditable or refundable against the U.S. Holder's U.S. federal income tax liability, provided the required information is timely furnished to the IRS.

Dividends paid to a Non-U.S. Holder that is not an exempt recipient generally will be subject to backup withholding, currently at a rate of 24 %, unless the Non-U.S. Holder certifies to the payor as to its foreign status, which certification may generally be made on an applicable IRS Form W - 8.

Notwithstanding the foregoing, backup withholding and information reporting may apply if either we or our paying agent has actual knowledge, or reason to know, that you are a U.S. person.

Information reporting, but not backup withholding, will apply to a payment of proceeds, even if that payment is made outside of the United States, if you sell our common stock through a non-U.S. office of a broker that is:

Any amounts withheld from a payment to a holder of Class A common stock under the backup withholding rules can be credited against any U.S. federal income tax liability of the holder and may entitle the holder to a refund, provided that the required information is furnished to the IRS in a timely manner.

In general, subject to the discussion below under the headings «Information Reporting and Backup Withholding» and «Foreign Accounts,» distributions, if any, paid on our common stock to a Non-U.S. Holder (to the extent paid out of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles) will constitute dividends and be subject to U.S. withholding tax at a rate equal to 30 % of the gross amount of the dividend, or a lower rate prescribed by an applicable income tax treaty, unless the dividends are effectively connected with a trade or business carried on by the Non-U.S. Holder within the United States.

Backup withholding is not an additional tax; rather, the U.S. income tax liability of persons subject to backup withholding will be reduced by the amount of tax withheld.

The payment of proceeds from the disposition of shares of our Class A common stock by a non-U.S. holder made to or through a non-U.S. office of a broker generally will not be subject to backup withholding and information reporting, except as noted below.

If any amount is withheld under the backup withholding rules, the non-U.S. holder should consult with a U.S. tax advisor regarding the possibility of and procedure for obtaining a refund or a credit against the non-U.S. holder's U.S. federal income tax liability, if any.

Information reporting, but generally not backup withholding, will apply to such a payment if the broker has certain connections with the United States unless the broker has documentary evidence in its records that the beneficial owner thereof is a Non-U.S. Holder and specified conditions are met or an exemption is otherwise established.

Backup withholding is not an additional tax.

Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number, makes other required certification and otherwise complies with the applicable requirements of the backup withholding rules.

Payments of dividends or of proceeds on the disposition of stock made to you may be subject to information reporting and backup withholding at a current rate of 28 % unless you establish an exemption, for example, by properly certifying your non-U.S. status on an IRS Form W - 8BEN, IRS Form W - 8BEN - E, or another appropriate version of IRS Form W - 8.

Backup withholding, currently at a 28 % rate, generally will not apply to payments to a non-U.S. holder of dividends on or the gross proceeds of a disposition of our Class A common stock provided the non-U.S. holder furnishes the required certification for its non-U.S. status, such as by providing a valid IRS Form W - 8BEN, IRS Form W - 8BEN - E or IRS Form W - 8ECI, or certain other requirements are met.

This reporting regime is reinforced by «backup withholding» rules.

Backup withholding is not an additional tax; rather, the U.S. federal income tax liability of persons subject to backup withholding will be reduced by the amount of tax withheld.

Except as otherwise described below in the discussions of backup withholding and FATCA, you generally will not be subject to U.S. federal income tax on any gain realized upon the sale or other disposition of our Class A common stock unless:

Payments to non-U.S. holders of dividends on Class A common stock generally will not be subject to backup withholding, so long as the non-U.S. holder certifies its nonresident status (and we or our paying agent do not have actual knowledge or reason to know the holder is a U.S. person or that the conditions of any other exemption are not, in fact, satisfied) or otherwise establishes an exemption.

So even though companies aren't strictly required to withhold on behalf of independent contractors, those folks are getting backup withholding anyway.

That seems to me to be incorrect, but I've heard more than one YouTuber say that they've gotten withholding taken out, and when I've probed further, they've pointed out that they did not exempt themselves from backup withholding.)

Withholding, backup withholding, and reporting requirements for a variety of industries, including financial services industry;

The funds may be required to withhold U.S. federal income tax on all taxable distributions payable to shareholders if they fail to provide the funds with their correct taxpayer identification number or to make required certifications, or if they have been notified by the IRS that they are subject to backup withholding.

Backup withholding is not an additional tax and any amounts withheld may be credited against the shareholder's ultimate U.S. tax liability.

Each fund will be required in certain cases to withhold at the applicable withholding rate and remit to the U.S. Treasury the withheld amount of taxable dividends and redemption proceeds paid to any shareholder who (1) fails to provide a correct taxpayer identification number certified under penalty of perjury; (2) is subject to withholding by the Internal Revenue Service for failure to properly report all payments of interest or dividends; (3) fails to provide a certified statement that he or she is not subject to «backup withholding;» or (4) fails to provide a certified statement that he or she is a U.S. person (including a U.S. resident alien).

Backup withholding is not an additional tax.

Backup withholding is the amount of money withheld by the Fiscal Service to satisfy debts owed by the taxpayer to the IRS.

So, for 2016 backup withholding, you must file Form 945 with the IRS by January 31, 2017.

Backup withholding is income tax withholding required for non-employees (including independent contractors) and other transactions.

A «B» notice is a backup withholding notice from the IRS stating that the non-employee's taxpayer ID number is either missing or incorrect.

When in doubt as to what to do, always start backup withholding on payment made to an individual (at the rate of 28 %).

You must report payments you collected for backup withholding, on Form 945, Annual Return of Withheld Federal Income Tax.

Backup withholding payments are not made through the same process as for employee income.

Under the backup withholding provisions of Section 3406 of the Code, distributions of taxable net investment income and net capital gain and proceeds from the redemption or exchange of the shares of a regulated investment company may be subject to withholding of federal income tax in the case of non-exempt shareholders who fail to furnish the investment company with their taxpayer identification numbers and with required certifications regarding their status under the federal income tax law, or if the Fund is notified by the IRS or a broker that withholding is required due to an incorrect TIN or a previous failure to report taxable interest or dividends.

82 FR 29719 - Regulations Regarding Withholding of Tax on Certain U.S. Source Income Paid to Foreign Persons, Information Reporting and Backup Withholding on Payments Made to Certain U.S. Persons, and Portfolio Interest Treatment; Correction

These regulations are related to withholding of tax on certain U.S. source income paid to foreign persons, information reporting and backup withholding with respect to payments made to certain U.S. persons, and portfolio interest paid to nonresident alien individuals and foreign corporations.

82 FR 2046 - Regulations Regarding Withholding of Tax on Certain U.S. Source Income Paid to Foreign Persons, Information Reporting and Backup Withholding on Payments Made to Certain U.S. Persons, and Portfolio Interest Treatment

As an individual taxpayer, you don't ever fill out 1099 - INT, and you file a copy of it only in the very rare case backup withholding was applied to the interest payments you received (and not even then if you e-file).

IRS Form 941 should not be used to report backup withholding or income tax withholding on non-payroll payments.

Backup withholding generally does not apply to other payments reported on Form 1099 - MISC (other than royalty payments and payments by fishing boat operators) unless at least one of the following three situations applies:

You had any federal income tax withheld under the backup withholding rules or foreign tax withheld on your behalf, regardless of the amount of the payment.

Backup withholding is not an additional tax; it is a method by which tax laws ensure the collection of taxes due.

As with all mutual funds, Transamerica funds may be required to withhold U.S. federal income tax at the fourth lowest tax rate applicable to unmarried individuals (24 % as of January 1, 2018) on all taxable distributions payable to you if: a) you fail to provide the fund with your correct taxpayer identification number; b) you fail to make required certifications; or c) if you have been notified by the IRS that you are subject to backup withholding.

Form 1099 - DIV is also used to report qualified dividends, unrecaptured Section 1250 gain, nondividend distributions (return of capital distributions), federal income tax withheld (backup withholding), foreign tax paid and foreign source income, if applicable to your account, and any specified private activity bond interest.