The IRS recently released the 2018 version of Publication 1281, Backup Withholding for Missing and Incorrect Name/TIN(s). This publication provides instructions and procedural guidance on backup withholding requirements as they relate to information returns with missing or incorrect taxpayer identification numbers (TINs). Furthermore, this publication details the procedures for first and second “B” notices.
This version of the publication is identical to its predecessor from 2017, with one major exception: the backup withholding rate for payments after December 31, 2017 has been reduced from 28% to 24%.
To review this publication in full, please click here.