What is IRS Backup Withholding Tax

Submitted by vinny on Fri, 10/30/2009 - 15:30.
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what is irs backup withholding or tax backup withholding? As a Taxpayer, you must withhold 28% of certain taxable payments if the payee fails to furnish you with his or her correct taxpayer identification number (TIN) prior to payment. You must note that IRS Tax Backup withholding does not apply to wages, pensions, annuities, IRAs (including simplified employee pension (SEP) and SIMPLE retirementplans), section 404(k) distributions from an employeestock ownership plan (ESOP), medical savings accounts, health savings accounts, long-term-care benefits, or real estate transactions.
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