IRS Proposes New Backup Withholding Rules for Third-Party Payments
TL;DR Summary
The Treasury and IRS proposed new regulations to clarify backup withholding requirements for third-party settlement organizations, setting a threshold of over $20,000 in reportable transactions and more than 200 transactions before withholding is required, reflecting changes from the One, Big, Beautiful Bill.
Topics:business#backup-withholding#irs#regulations#tax-regulation#tax-reporting#third-party-payment-networks
- Treasury, IRS issue proposed regulations reflecting changes from the One, Big, Beautiful Bill to the threshold for backup withholding on certain payments made through third parties IRS (.gov)
- IRS proposes backup withholding threshold rules for certain payments Yahoo Finance
- IRS Floats Changes To Third-Party Settlement Payments Law360
- Proposed Backup Withholding Regs Affect Third-Party Settlement Organizations Tax Notes
- IRS proposes rules on backup withholding threshold for payment companies Accounting Today
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