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Q:

Backup Withholding for Deposit Interest

Asked on 17 January

As part of IRS Rules, utilities are required to withhold interest paid in excess of $600 if the non-corporate customer has not provided a valid taxpayer identification number (TIN).

Do you have a process in place where you are currently issuing 945-V (backup withholding) when reporting 1099s at the end of the year?
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Topic: Policy  


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