Do you receive payments that are subject to backup withholding tax? This is a federal tax (currently 24%) that applies to income (such as interest, dividends, gambling winnings, royalties and more) that doesn’t typically require tax withholding. The income recipient, however, must report and pay taxes on the income, and in some situations, the payer must withhold the tax to ensure the IRS receives the tax due. Why would a payer be required to deduct the tax? Examples include cases where an income recipient hasn’t provided a payer with a taxpayer ID number (TIN), or the IRS has notified the payer that the TIN provided doesn’t match IRS records. Here’s more: https://bit.ly/35rmXnQ Call or visit our website for more information! www.mjscpa.com/
