Simple Trust
Definition: A Simple Trust is a trust that must distribute all of its income each year. Generally, the trust itself is not allowed to accumulate… Read More »Simple Trust
Knowledge Bae
Scholarships, Grants, Fellowships, Prizes, Awards
Definition: The source of scholarships, fellowships, grants, prizes and awards is the residence of the payor, regardless of who actually distributes the funds. See Page 20
Withholding Agent
Definition Where the income is subject to withholding tax a withholding agent is the party who is responsible for reporting and paying the tax to… Read More »Withholding Agent
Withholding Foreign Trust
Definition: A withholding foreign trust (WT) is a foreign simple or grantor trust that has entered into a WT withholding agreement with the IRS and is acting in that… Read More »Withholding Foreign Trust
Withholding Foreign Partnership
Definition: A withholding foreign partnership (WP) is any foreign partnership that has entered into a WP withholding agreement with the IRS and is acting in that capacity.… Read More »Withholding Foreign Partnership
Backup Withholding
Definition: Persons making certain payments to you must under certain conditions withhold and pay to the IRS 28% of such payments. Payments that may be… Read More »Backup Withholding
Withholding Statements
Definition: A Withholding Statement is an important part of an intermediary withholding certificate (FORM W-8IMY) and provides the withholding agent with all of the information required… Read More »Withholding Statements
10 Percent Shareholder
Definition: A 10 percent shareholder meets one of the following requirements: In the case of an obligation issued by a corporation, any person who owns 10… Read More »10 Percent Shareholder
Form 1099-SB
Form name: Seller’s Investment in Life Insurance Contract IRC Section: 6050Y Link to form: https://www.irs.gov/pub/irs-pdf/f1099sb.pdf Purpose of form: Payors must file Form 1099-SB if they… Read More »Form 1099-SB
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