The buyer must withhold
tax in accordance with Internal Revenue Code section 1445.
A withholding agent must withhold
on payments to foreign persons unless the withholding agent can "associate the payment with documentation upon which it can rely to treat the payment as made to a payee that is a U.S.
An employer who fails to deduct and withhold
the required amount of tax is liable for any underpayment of tax by the employee, up to the amount the employer failed to deduct and withhold
The councils said the proposed change is intended "to permit contracting officers to use their judgment regarding whether to withhold
payments under time-and-materials and labor-hour contracts so that the withhold
would be applied only when necessary to protect the Government's interests.
There is an incentive called a withhold
. If utilization is conservative, the withhold
is distributed to the provider and total revenue and profit increases.
Steven Lundon, the Fort Frances retailer who received attention for threatening to withhold
sales tax revenues from the province, has reconsidered his threat.
In mid-October 1982, several high-level Justice Department attorneys met and decided to withhold
some of the EPA documents requested by congressional committees.
The payor of investment income to a foreign investor is required to withhold
real property interest from a foreign person must deduct and withhold
a tax equal to 10% of the amount realized, which includes the amount of mortgage liabilities assumed or taken by the purchaser with respect to the real property, even if no cash consideration passes hands.
The couple can avoid this by asking his or her employer to withhold
enough extra tax ($5.60) each week (or each have $2.80 additionally withheld) to maintain their current level of withholding.
A party that fails to withhold
when required may become liable for the amount of the withholding, as well as penalties and interest under Regs.
sources must withhold
tax--generally 30%--and remit it to the IRS.