FinanceRegs.com » Tax identifcation numbers http://www.financeregs.com Breaking news & updates for Finance and Accounting pros Wed, 14 Apr 2010 20:11:23 +0000 en hourly 1 http://wordpress.org/?v=abc The common tax screw-up IRS is looking for now http://www.financeregs.com/the-common-tax-screw-up-irs-is-looking-for-now/ http://www.financeregs.com/the-common-tax-screw-up-irs-is-looking-for-now/#comments Tue, 24 Jun 2008 10:00:46 +0000 Carol Katarsky http://www.financeregs.com/?p=100 If you’ve been informed you have any mismatched employee/vendor names and taxpayer ID numbers, it’s time to take a second look at your follow-up procedures.

For any case of a “mismatch” IRS requires companies to start backup withholding on any future payments. But in practice, it’s common for companies to start withholding late — either because they’re trying to correct the problem or they simply overlook the task at first.

That could be a costly mistake, since word in D.C. is that IRS will soon be doing spot checks of companies that have gotten mismatch notices.

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