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XIDE » Topics » Payees Exempt from Backup Withholding

This excerpt taken from the XIDE 8-K filed Aug 31, 2007.
Payees Exempt from Backup Withholding
 
Payees specifically exempted from backup withholding on ALL payments include the following:*
 
  •  An organization exempt from tax under section 501(a), or an individual retirement plan, or a custodial account under section 403(b)(7) if the account satisfies the requirements of section 401(f)(2).
 
  •  The United States or any agency or instrumentality thereof.
 
  •  A State, the District of Columbia, a possession of the United States, or any political subdivision or instrumentality thereof.
 
  •  A foreign government or a political subdivision, agency or instrumentality thereof.
 
  •  An international organization or any agency or instrumentality thereof.
 
Payees that may be exempt from backup withholding include the following:
 
  •  A corporation;
 
  •  A foreign central bank of issue;
 
  •  A dealer in securities or commodities required to register in the United States, the District of Columbia or a possession of the United States;
 
  •  A futures commission merchant registered with the Commodity Futures Trading Commission;
 
  •  A real estate investment trust;
 
  •  An entity registered at all times during the tax year under the Investment Company Act of 1940;
 
  •  A common trust fund operated by a bank under section 584(a);
 
  •  A financial institution;
 
  •  A middleman known in the investment community as a nominee or custodian; or
 
  •  A trust exempt from tax under section 664 or described in section 4947.
 
Payments of dividends and patronage dividends not generally subject to backup withholding include the following:
 
  •  Payments to nonresident aliens subject to withholding under section 1441.
 
  •  Payments to partnerships not engaged in a trade or business in the United States and which have at least one nonresident alien partner.
 
  •  Payments of patronage dividends not paid in money.
 
  •  Payments made by certain foreign organizations.
 
  •  Section 404(k) distributions made by an ESOP.
 
Payments of interest not generally subject to backup withholding include the following:
 
  •  Payments of interest on obligations issued by individuals. Note: You may be subject to backup withholding if (i) this interest is $600 or more, (ii) the interest is paid in the course of the payer’s trade or business and (iii) you have not provided your correct taxpayer identification number to the payer;
 
  •  Payments of tax-exempt interest (including exempt-interest dividends under section 852).
 
  •  Payments described in section 6049(b)(5) to non-resident aliens.
 
  •  Payments on tax-free covenant bonds under section 1451.
 
  •  Payments made by certain foreign organizations.
 
  •  Mortgage or student loan interest paid to you.
 
Exempt payees described above should file a Substitute Form W-9 to avoid possible erroneous backup withholding. FILE THIS FORM WITH THE PAYER, FURNISH YOUR TAXPAYER IDENTIFICATION NUMBER, WRITE “EXEMPT” IN PART 2, SIGN AND DATE THE FORM AND RETURN IT TO THE PAYER.
 
Certain payments other than interest, dividends and patronage dividends that are not subject to information reporting are also not subject to backup withholding. For details, see sections 6041, 6041A, 6042, 6044, 6045, 6049, 6050A and 6050N and their regulations.
 
Privacy Act Notices.  Section 6109 requires you to give your correct TIN to persons who must file information returns with the IRS to report interest, dividends and certain other payments. The IRS uses the numbers for identification purposes and to help verify the accuracy of your tax return. The IRS also may provide this information to the Department of Justice for civil and criminal litigation, and to cities, states and the District of Columbia to carry out their tax laws.
 
You must provide your TIN to the payer whether or not you are required to file a tax return.  Payers must generally withhold 28% of taxable interest, dividends, and certain other payments to a payee who does not give a TIN to a payer. Certain penalties also may apply.
 
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