Backup withholding - Definition

Backup withholding is withholding that is taken from certain forms of payments and income by businesses and banks.

Banks or other businesses that pay you certain kinds of income must file an information return Form 1099. The information return shows how much you were paid during the year. If you are paying individuals and reporting those payments on Form 1099, you may be required to withhold taxes from some of these individuals, as backup withholding.

Terms near "Backup withholding"

Backward integration
Bad debt
Bad debt reserve
Balance of payments
Balance of Trade
Balance Sheet
Bank Credit
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