Last Week in Payroll: Backup Withholding
ThomsonReuters
JULY 13, 2021
Generally, the payer does not withhold taxes from these types of payments, as it is assumed that the payee will report and pay taxes on this income when the federal income tax return is filed. The IRS’s most recent estimate of the tax gap was $441 billion. Form 1099-NEC took effect for the 2020 tax year.
98 
Let's personalize your content