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Without such a certificate, the transferee is obligated to withhold 10% on the amount realized and remit this amount to the IRS within 20 days of the transaction, as well as report the withholding tax on Form 8288.
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.
When a limited partnership has effectively connected income allocable to a foreign partner, the partnership is required to withhold tax on that partner's distributive share of the net income.
Scenario 1: Increased utilization and withhold not returned, resulting in a decrease in revenue.
Under the past tables, their employer would withhold tax from their pay at the rate of $165 (wife) and $198 (husband).
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.
financial institutions required to report and withhold tax on behalf of nonresident aliens (NRAs) in connection with the institutions' custodial or brokerage activities.
In lieu of proper documentation present at the time of payment, a withholding agent generally must withhold at the full statutory rates or risk liability for taxes, penalties, and interest.
The last step is to determine whether it's necessary to withhold taxes.
Under Regulation 105, Canadian organizations must withhold taxes from payments to nonresident service providers.