IRS Changes Back-Up Withholding Rate
IRS Issues Publication 1281
Effective January 1, 2018, the 2017 Tax Cuts and Jobs Act reduced the backup withholding rate from 28 percent to 24 percent.
If you are asking yourself what is meant by the “back-up withholding rate”, we suggest you read our August 19, 2014 blog that explained the back-up withholding rules and IRS Publication 1281, Backup Withholding for Missing and Incorrect Name/TIN(s).
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