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Journal of Accountancy · Recently
Prop. regs. amend Sec. 3406 backup withholding regulations
Tax Brief summary and classification of the original reporting.
Bottom Line
💡 Prop. regs. amend Sec. 3406 backup withholding regulations. Worth reviewing for potential client impact.
Summary
The IRS issued the proposed regulations to reflect changes made by H.R. 1 to the threshold for backup withholding for third-party settlement organizations such as PayPal, Venmo, and others.
Classification
Category: fyiPriority: importantReason: Contains 'proposed regulation' - significant update
Applies To
payroll
Affected Groups
Payroll/employment tax specialists
Related Topics
Original Source
We aggregate public tax updates and provide AI-assisted summaries. Please read the original reporting for full details.
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