Overwithholding
Definition: Over-reporting constitutes inaccurate information and requires the IRS to determine the correct information. If you discover that you overwithheld tax under chapter 3 or… Read More »Overwithholding
KB Withholding
Nonresident Alien Withholding
Definition: Nonresident alien (NRA) withholding is a type of tax that applies generally to a non-U.S person that receives U.S. source fixed, determinable annual, or periodical (FDAP)… Read More »Nonresident Alien Withholding
Employee Withholding
Definition: Salaries, wages, bonuses, or any other pay for personal services (referred to collectively as wages) paid to nonresident alien employees are subject to graduated… Read More »Employee Withholding
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