WASHINGTON, Aug. 10 -- Internal Revenue Service has issued a rule called: Backup Withholding on Third Party Network Transactions.
The rule was published in the Federal Register on Aug. 10 by Frank J. Bisignano, Chief Executive Officer.
Summary: This document contains final regulations governing backup withholding on reportable payments with respect to third party network transactions. The final regulations reflect recent changes to the statutory law that affect the backup withholding requirements for third party settlement organizations who make payments in settlement of third party network transactions.
For more information, contact Casey Conrad, Office of Associate Chief Counsel (Procedure and Administration) at 202/317-6844 (not a tol...