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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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