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Video instructions and help with filling out and completing backup withholding
Good day ladies and gentlemen and welcome to today's webcast entitled IRS backup withholding when and why to submit a question or comment at any time during the webcast please click on the prfeedback button on the bottom of your screen at this time it is my pleasure to turn the floor over to today's host lori stiver ma'am the floor is yours thank you I'm Lori stever and co-presenting with me today is Pat ragas today the office of federal state and local governments or FS LG is bringing you backup withholding when and why Pat and I are both internal revenue agents and specialists with FS LG now before we begin we have several important announcements to share with you the information contained in this presentation is current as of the date it was presented and should not be considered official guidance this program is being recorded and will be maintained in accordance with federal record-keeping laws it will be archived for later viewing on our website at IRS videos gov click on the government's tab and then employers found along the left ribbon although we will not be taking questions during this event we do want to hear from you if something in the presentation prompts a question click on the prfeedback link on your screen your questions help us determine future topics and help us to keep updated information available for you at irs.gov many of them will be cited on our slides today now Pat we'll begin our presentation Thank You Lori Internal Revenue Code section 3406 provides that you may be required to withhold a specific percentage currently 28 percent of certain reportable payments this is backup withholding you must file an information return for those payments and furnish a copy to the payment recipient today we aim to discuss once a backup was hold to report and pay backup withholding to the IRS how to furnish the information to the payee and what the cost could be if you do not backup what hold when it's required the most common information return that generates backup withholding assessment is form 1099 miscellaneous better known as form 1099 mi SC let's review when a form 1099 miscellaneous needs to be issued if you have paid $600 or more for rent non employee compensation prizes and awards medical or healthcare cost image to an attorney and certain other reportable payments you are required to report them on form 1099 miscellaneous individuals and partnerships would get form 1099 whereas most corporations would not corporations that must be issued a form 1099 miscellaneous are those that prmedical health care and attorney services you are not required to report payment or information reporting a few of them are specific tax-exempt organizations governments and agencies corporations accept when payments are for medical healthcare and attorney as well as other entities listed in the instructions for the requester a form w-9 a taxpayer identification number at n.