What Is Backup Withholding W9
Backup withholding is a process by which the Internal Revenue Service (IRS) can collect taxes that are owed on income that is not subject to withholding. When an individual or business is required to backup withhold, they must withhold taxes from payments that are made to the taxpayer, even if the taxpayer does not have a tax liability.
The backup withholding process is initiated when the IRS notifies a taxpayer or payer that the taxpayer …
