Taxpayer Identification Numbers and Backup Withholding. The Credit Union is required by law to withhold and pay to the Internal Revenue Service (IRS) twenty-eight percent (28%) of payments of interest, dividends, and certain other payments under certain conditions. This is called backup withholding (Per IRS publication 1281). Your failure to furnish a correct TIN or meet other applicable requirements may result in backup withholding as well as civil or criminal penalties. If you refuse to provide your TIN, the Credit Union may suspend your account privileges while attempting to resolve the situation or may close your account. The Credit Union provided you with the required TIN and backup withholding certification and instructions at the time you established your account.
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Samples: Membership and Accounts Agreement, Membership and Accounts Agreement, Membership and Accounts Agreement
Taxpayer Identification Numbers and Backup Withholding. The Credit Union is required by law to withhold and pay to the Internal Revenue Service (IRS) twenty-eight percent (28%) of payments of interest, dividends, dividends and certain other payments under certain conditions. This is called backup withholding (Per IRS publication 1281). Your failure to furnish a correct TIN or meet other applicable requirements may result in backup withholding as well as civil or criminal penalties. If you refuse to provide your TIN, the Credit Union may suspend your account privileges while attempting to resolve the situation situation, or may close your account. The Credit Union provided you with the required TIN and backup withholding certification and instructions at the time you established your account.
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