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​Newly Revised Publication Helps Taxpayers Understand Changes to Backup Withholding

11/16/2018

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​The IRS urges taxpayers who make payments or receive payments to check out Publication 1281, Backup Withholding for Missing and Incorrect Name/TIN(s). The newly revised publication helps taxpayers understand how tax reform affects backup withholding. Backup withholding can apply to most kinds of payments reported on Form 1099.
Last year’s Tax Cuts and Jobs Act dropped the backup withholding tax rate from 28 percent to 24 percent. This affects taxpayers who make and receive payments. Taxpayers who make payments are known as “payers,” while those who receive payments are known as “payees.” 

Backup withholding can apply to payments such as:
  • Interest payments
  • Dividends
  • Patronage dividends, but only if at least half of the payment is in money
  • Rents, profits or other income 
  • Commissions, fees or other payments for work performed as an independent contractor
  • Payments by brokers and barter exchange transactions
  • Certain portions of payments by fishing boat operators
  • Payment card and third-party network transactions
  • Royalty payments
  • Gambling winnings that aren't subject to regular gambling withholding
  • Taxable grants and agriculture payments
Here are some situations when a payee may be subject to backup withholding. They:
  • Fail to give a taxpayer identification number to the payer 
  • Give an incorrect TIN
  • Supply a TIN in an improper manner
  • Under report interest or dividends on their income tax return
  • Fail to certify that they’re not subject to backup withholding for under reporting of interest and dividends 
To stop backup withholding, the payee must correct any issues that caused it. They may need to give the correct TIN to the payer, resolve the under reported income and pay the amount owed, or file a missing return. 

A TIN can be a:
  • Social Security number
  • Employer identification number
  • Individual taxpayer identification number
  • Adoption taxpayer identification number
The newly revised Publication 1281 is packed with useful information. It will help any payer who is required to impose backup withholding on any of their payees.   

More information: 
The Backup Withholding page
Publication 505, Tax Withholding and Estimated Tax
Publication 1335, Backup Withholding Questions and Answers
Form 945, Annual Return of Withheld Federal Income Tax 
Publication 15, Employer’s Tax Guide 

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Copyright © 2022 Oceanside Chamber of Commerce
928 N. Coast Highway | Oceanside, CA 92054
Tel 760-722-1534 
info@oceansidechamber.com
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  • Oceanside
    • About Oceanside >
      • History of Oceanside
      • Demographics
      • Arts and Culture
      • Education
      • Employment
      • Health Care
      • Religious Organizations
      • Local Government and Services
      • Retiring in Oceanside
      • Oceanside Maps
    • Visitor Information >
      • Beaches
      • Accommodations
      • Groups and Meeting
    • Things to Do >
      • Oceanside Events >
        • Downtown History Walks
        • Farmers Market
        • Sunset Market
      • Shopping >
        • Coupons
      • Dining
      • Surfing
      • Regional Attractions
    • Volunteer Opportunities
  • Business Directory
    • All Categories
    • Coupons
    • New Members
  • Media
    • Advancing Oceanside Podcast
    • Blog
    • Member News
    • E-Newsletter
    • Publications >
      • Advertising Your Business
      • Best of Oceanside Magazine
      • Annual Community Guide
      • Military Publications
  • Chamber
    • Membership >
      • Member Portal
      • Membership Packages
      • Application
      • Testimonials
    • Advocacy >
      • Chamber Political Action Committee
      • Public Policy Guidelines
      • The Advancing Oceanside Report
    • Our Work >
      • 2021 Annual Report
      • 2023 Strategic Priorities
      • Committees - Task Forces - Forums
      • Oceanside Young Professionals
    • Economic Recovery >
      • 2021 Small Business Grant Program
      • 2020 Shop Local Oceanside
      • 2020 North County Cares Program
    • Workforce Development >
      • SOCAL Workforce
    • Kindness
    • Oceanside Leadership Academy
    • Our Team >
      • Board of Directors
      • Chamber Staff
    • Privacy Policy
  • Events
    • Signature Chamber Events >
      • Armed Forces Day Operation Appreciation
      • Heroes of Oceanside and Camp Pendleton
      • Meet the City of Oceanside
      • North County Health Fair
      • Oceanside Senior Expo
      • Rising Star Student Program
    • Monthly Chamber Events
    • Oceanside Community Events
  • Resources
    • Local Business Resources
    • Military Resources