Tax & Current Accounting Topics

Facts to help taxpayers understand backup withholding


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IRS Tax Tip Facts to help taxpayers understand backup withholding

 https://www.irs.gov/newsroom/facts-to... 

https://accountinginstruction.info/

Backup withholding is a federal tax on income that otherwise typically doesn't require tax withholding, such as 1099 and W2-G income. Taxpayers who receive this type of income may have backup withholding deducted from their payments.

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Tax & Current Accounting TopicsBy Robert (Bob) Steele