Backup Withholding Archives

Knott Learning

Form 1099-INT Interest Income and Backup Withholding Tax

Backup withholding taxes may apply to accounts that are not compliant with all filing and reporting obligations. If backup withholding taxes apply to your interest income, you can claim the withholding on your Form 1040.

Jason Knott2024-08-29T10:15:58+00:00Tags: 1099-INT, Backup Withholding, Form 1040, Interest Income|

Why You Should Always Collect a Form W-9 Before Making a Payment

The IRS Form W-9 withholding certificate is collected from individuals and companies to verify their name, address, tax ID number, and U.S. tax classification. Businesses should always collect Form W-9 before making payments in connection with their business.

Jason Knott2024-07-13T10:13:21+00:00Tags: Backup Withholding, Form 1099-NEC, Form W-9, IRS, Reportable Payments|

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