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IRS Form Revisions Reflect Rate Reductions in Tax Reform Package
Washington, DC, January 29, 2002 - The Internal Revenue Service has issued revisions to Form W-9 and accompanying instructions which, among other changes, reflects the backup withholding rate reductions included in the “Economic Growth and Tax Relief Reconciliation Act of 2001” (EGTRRA) for amounts paid during 2002 through 2005.
EGTRRA reduced the rate of tax at which backup withholding is imposed from 31 percent to:
- 30 percent for amounts paid during 2002 and 2003,
- 29 percent for amounts paid during 2004 and 2005, and
- 28 percent for amounts paid during 2006 through 2010.