Lesson 2: Backup Withholding Under Section 3406 and Form 1099 Reporting Under Chapter 61

Lesson 2 takes us through a discussion on backup withholding under section 3406 of the Internal Revenue Code. Here we learn the conditions where backup withholding applies and the current rate as of the date of this training. We conclude the lesson with the payments that are excluded from backup withholding and the timing of backup withholding on applicable payments.

Lesson Resources