DOCUMENT

POL - IRS Withholding Proposed Rule Comments 2009

  • YEAR CREATED: 2009
  • ENTITY TYPE: Authority: Other
  • TYPE OF DOCUMENT: OTHER
The document discusses the potential impact and concerns regarding the proposed regulations for withholding tax on government payments. It highlights issues related to bundled invoices, subcontractors, payment card transactions, pass-through entities, and new contracts. The document argues against the proposed regulations and recommends changes to address the administrative burden, cash flow problems, and potential disruptions to business operations. It also suggests exemptions and clarifications to certain aspects of the regulations. Additionally, the document emphasizes the need for a more practical and efficient approach to implementing the withholding requirement. It further mentions that the transition rule exception does not apply to payments made under any contract that is "materially modified" after the regulations are implemented.
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