Tax Law Updates | New Proposed Regulations
April 6, 2009
Changes on Income Tax Withholding Regulations Proposed
Withholding Under Internal Revenue Code Section 3402(t)
26 CFR Part 31, REG-158747-06, RIN 1545-BG45, 3/19/2009
The Internal Revenue Service (“IRS”) has issued a document provides for a public hearing regarding a proposed rulemaking.
The proposed regulations relate to withholding under section 3402(t) of the Internal Revenue Code (“IRC”). The proposed regulations reflect changes in the law made by the Tax Increase Prevention and Reconciliation Act of 2005 that require federal, state, and local government entities to withhold income tax when making payments to persons providing property or services.These proposed regulations provide guidance to assist the government entities in complying with section 3402(t). The regulations also provide certain guidance to persons receiving payments for property or services…
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