More results...

Suggested search terms: genius vx520 ict bank account fees

Articles tagged: irs

Am I exempt from backup withholding?

It is very unlikely that you are exempt from backup withholding, but some groups and types of transactions are exempt.

Groups exempt from backup withholding

Government agencies
Non-profit organizations
Banks and corporations

Transactions exempt from backup withholding

Real estate transactions
Foreclosures and abandonments
Cancelled debts
Distributions from Archer Medical Savings Accounts (MSAs)
Long-term care benefits
Distributions from any retirement account
Distributions from an Employee Stock Ownership Plan (ESOP)
Cash payments for fish
Unemployment compensation
State or local income tax refunds
Qualified tuition program earnings

How do I stop backup withholding happening in the future?

The best way to avoid backup withholding is to provide us with the correct information.

If you previously needed to correct your information due to backup withholding, make sure that your legal information is correct.

Note: If your funds are currently withheld due to a backup withholding, a legal change will not fix the issue.

My bank has put a hold on my funds with a return code R29, what do I need to do?

If you have a corporate bank account, you need to authorize other companies to move money into or out of your bank account. If an unauthorized company tries to put money into your account or take money out of your account, your bank puts the funds on hold with a return code of R29.… Read More “My bank has put a hold on my funds with a return code R29, what do I need to do?”