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.

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STATEMENTS OF AUDITING STANDARDS (SAS) provide guidance to external auditors on Generally Accepted Auditing Standards (GAAS) in regards to auditing an entity and issuing a report.

PETTY is small and of little importance.

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