Source: https://law.justia.com/codes/us/2012/title-26/subtitle-c/chapter-24/section-3406
Timestamp: 2020-07-06 06:14:25
Document Index: 84493585

Matched Legal Cases: ['§ 3406', '§ 3101', '§ 3401', '§104', '§152', '§722', '§1521', '§1899', '§1018', '§1935', '§101', '§3091', '§ 3406', '§3406', '§1899', '§722', '§722', '§722', '§1935', '§152']

COLLECTION OF INCOME TAX AT SOURCE ON WAGES - 26 U.S.C. § 3406 (2012) Backup withholding :: Title 26 - Internal Revenue Code :: 2012 US Code :: US Codes and Statutes :: US Law :: Justia
Justia US Law US Codes and Statutes US Code 2012 US Code Title 26 - Internal Revenue Code Subtitle C - Employment Taxes (§§ 3101 - 3510) Chapter 24 - COLLECTION OF INCOME TAX AT SOURCE ON WAGES (§§ 3401 - 3456) Section 3406 - Backup withholding
Section 3406 - Backup withholding
Contains section 3406
Source Credit Added Pub. L. 98-67, title I, §104(a), Aug. 5, 1983, 97 Stat. 371; amended Pub. L. 98-369, div. A, title I, §152(a), title VII, §722(h)(1), (2), July 18, 1984, 98 Stat. 691, 975; Pub. L. 99-514, title XV, §§1521(b), 1523(b)(1), title XVIII, §1899A(46), Oct. 22, 1986, 100 Stat. 2746, 2748, 2961; Pub. L. 100-647, title I, §1018(u)(44), Nov. 10, 1988, 102 Stat. 3592; Pub. L. 102-486, title XIX, §1935(a), Oct. 24, 1992, 106 Stat. 3032; Pub. L. 107-16, title I, §101(c)(10), June 7, 2001, 115 Stat. 44; Pub. L. 110-289, div. C, title III, §3091(c), July 30, 2008, 122 Stat. 2911.
Statutes at Large References 97 Stat. 371
98 Stat. 691
102 Stat. 3592
106 Stat. 3032
122 Stat. 2911
Public Law References Public Law 98-67, Public Law 98-369, Public Law 99-514, Public Law 100-647, Public Law 102-486, Public Law 107-16, Public Law 110-289
COLLECTION OF INCOME TAX AT SOURCE ON WAGES - 26 U.S.C. § 3406 (2012)
§3406. Backup withholding (a) Requirement to deduct and withhold (1) In general
(2) Reportable interest or dividend payment (A) In general
(c) Notified payee underreporting with respect to interest and dividends (1) Notified payee underreporting
(3) Determination by secretary to stop (or not to start) withholding (A) In general
(d) Interest and dividend backup withholding applies to new accounts and instruments unless payee certifies that he is not subject to such withholding (1) In general
(2) Special rules for readily tradable instruments (A) In general
(e) Period for which withholding is in effect (1) Failure to furnish TIN
(3) Notified payee underreporting described in subsection (c) (A) In general
(4) Failure to provide certification that payee is not subject to withholding (A) In general
(5) 30-day grace periods (A) Start-up
(f) Confidentiality of information (1) In general
(g) Exceptions (1) Payments to certain payees
(5) Broker (A) In general
The term “broker” has the meaning given to such term by section 6045(c)(1).
2001—Subsec. (a)(1). Pub. L. 107–16 substituted “equal to the product of the fourth lowest rate of tax applicable under section 1(c) and such payment” for “equal to 31 percent of such payment” in concluding provisions.
Subsec. (b)(6). Pub. L. 99–514, §1899A(46), substituted “6041A(a)” for “6041(A)(a)” in heading.
1984—Subsec. (c)(1). Pub. L. 98–369, §722(h)(2), substituted “(but not the reasons for the withholding under subsection (a)(1)(C))” for “(but not the reasons therefor)”.
Subsec. (d)(2)(A). Pub. L. 98–369, §722(h)(1)(A), inserted “the payor was notified by a broker under subparagraph (B) or” after “if (and only if)” in provisions preceding cl. (i), struck out cl. (i) which read as follows: “the payor was notified by a broker under subparagraph (B),” and redesignated cls. (ii) and (iii) as (i) and (ii), respectively.
Subsec. (d)(2)(B). Pub. L. 98–369, §722(h)(1)(B), in amending subpar. (B) generally, reenacted cl. (i), in cl. (ii) inserted “with respect to such acquisition—”, added subcls. (I) and (II), redesignated former subcls. (I) and (II) as (III) and (IV), respectively, and in subcl. (III) substituted “the Secretary notifies such broker” for “such broker is notified by the Secretary”, and in provisions following cl. (ii) substituted “shall within such period as the Secretary may prescribe by regulations (but not later than 15 days after such acquisition), notify the payor that such payee is subject to withholding under subparagraph (A), (B), (C) or (D) of subsection (a)(1),” for “within 15 days after the date of the acquisition notify the payor that such payee is subject to withholding under subsection (a)(1)(D) (or subsection (a)(1)(C) in the case of a notification described in clause (ii)(II).”
Pub. L. 102–486, title XIX, §1935(b), Oct. 24, 1992, 106 Stat. 3032, provided that: “The amendment made by subsection (a) [amending this section] shall apply to amounts paid after December 31, 1992.”
Pub. L. 98–369, div. A, title I, §152(b), July 18, 1984, 98 Stat. 691, provided that: “The amendment made by this section [amending this section] shall take effect on the date of the enactment of this Act [July 18, 1984].”