IRS Federal, State & Local Governments presents Extended Withholding of Government Payments.

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Presentation transcript:

IRS Federal, State & Local Governments presents Extended Withholding of Government Payments

New IRC §3402(t) Added May 2006 Added May 2006 Effective for payments made after 12/31/2010 Effective for payments made after 12/31/2010 Requires 3% withholding on any payment to any person providing property or services. Requires 3% withholding on any payment to any person providing property or services.

Who is Affected? U.S. Government U.S. Government State Governments State Governments Political Subdivisions Thereof Political Subdivisions Thereof Every Instrumentality of the Foregoing Every Instrumentality of the Foregoing

Excepted Payments Subject to withholding by other IRC provisions: Subject to withholding by other IRC provisions: examples; employee federal tax withholding, Back- up withholding examples; employee federal tax withholding, Back- up withholding Payments Of interest Payments Of interest Payments For real property Payments For real property To any government entity, tax-exempt entity or foreign government To any government entity, tax-exempt entity or foreign government (continued) (continued)

Excepted Payments (cont) Under a classified or confidential contract Under a classified or confidential contract By state political subdivision paying less than $100,000,000 a year By state political subdivision paying less than $100,000,000 a year Public assistance or welfare program requiring a needs or income test for eligibility Public assistance or welfare program requiring a needs or income test for eligibility To any government employee To any government employee

Compliance Implications Issue 1099-MISC to each recipient Issue 1099-MISC to each recipient Make periodic tax deposits Make periodic tax deposits File Form 945, Annual Return of Withheld Federal Income Tax (manually) File Form 945, Annual Return of Withheld Federal Income Tax (manually)

Recent Congressional Activity Proposed delay of effective date to after 12/31/2011-Treasury Department to study impact Proposed delay of effective date to after 12/31/2011-Treasury Department to study impact Proposal for outright repeal was defeated Proposal for outright repeal was defeated