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Remitting and reporting withheld funds
December 9, 2022
Q. We withheld funds from contractors' commission payments when we were unable to validate their tax IDs. Can you provide guidance on how we remit and report those amounts? At this time, we reported the withholding amounts on the 1099s we filed/distributed, but we have not remitted yet.
A.
(Answered by IOFM's third-party tax experts)
Based on our understanding of the wording of your question, the backup withheld amounts are deposited to the federal Treasury through the online EFTPS. In EFTPS…
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