WASHINGTON, Jan. 9 -- Internal Revenue Service has issued a proposed rule called: Backup Withholding on Third Party Network Transactions.
The proposed rule was published in the Federal Register on Jan. 9 by Frank J. Bisignano, Chief Executive Officer.
Summary: This document contains proposed amendments to the regulations governing backup withholding. The proposed regulations reflect recent changes to the statutory law. These changes will affect third party settlement organizations who make payments in settlement of third party network transactions.
For more information, contact Concerning the proposed regulations, Casey Conrad at 202/317-6844 (not toll-free number); concerning submission of comments or requests for a hearing, the Publica...