BACKUP WITHHOLDING Definition

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BACKUP WITHHOLDING is a mandatory withholding that may be imposed when rules regarding taxpayer identification numbers, (usually a Social Security number) are not met by the individual. Another way for these withholdings to take effect is when a notice is issued by the IRS to withhold on payments to that individual. Backup withholding may be claimed as a credit by taxpayers on their federal income tax return.

Learn new Accounting Terms

BILLINGS, generally, is the request for payment of a debt. In accounting, it is sales for which invoicing has been issued.

ORDER INTAKE is all orders which were legally concluded during the respective accounting period under review and have also come into effect.

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