The NC Department of Revenue has released a new withholding requirement for companies that use contractors that have an individual tax ID number (rather than a social security number) who earn more than $1,500. Contractors with ITIN's must have 4% of their pay withheld and then reported on their 1099 as NC withholding. For more information, see their website here.

0 Response to "NC Withholding for ITIN Contractos"

Post a Comment

Disclaimer

The content on this blog (www.acollinscpa.blogspot.com) is my personal opinion based on my study and understanding of tax laws, policies and regulations. It’s provided for your private, noncommercial, educational and informational purposes only. It’s not a recommendation or endorsement of any company or product. It should not be relied upon as specific tax advice for your personal situation. I strongly suggest that when it comes to filing your taxes, you get additional, professional guidance from individuals who are familiar with your specific circumstances. Those who choose to rely solely upon the information on this site do so at their own risk and peril, and cannot hold the author liable in any form or fashion.

IRS CIRCULAR 230 DISCLOSURE REQUIREMENT: IRS Circular 230 requires us to notify you that any tax advice contained in this communication is not intended or written to be used, and cannot be used, by any person for the purpose of avoiding tax penalties that may be imposed by law.