Category Archives: Tax IRS

Reduced Withholding Rate For Small Businesses and Individual Taxpayers

As a result of changes made by the Tax Cuts and Jobs Act (TCJA), the backup withholding tax rate for individual taxpayers and small businesses was reduced from 28 to 24 percent. Backup withholding applies in a number of situations, including when a taxpayer doesn’t supply his or her taxpayer identification number (TIN) to… Read More »