Backup Withholding Report

Purpose

Lists amounts withheld during a selected time frame for customers subject to IRS backup withholding. This report applies only to interest-bearing accounts.

Why Use This Report

Track and review interest withheld for customers who are subject to backup withholding. Running this report regularly helps ensure accurate tax reporting, prevents IRS penalties, and identifies customers who may need to update their tax information (such as submitting a W-9).)

When to Run

On demand.

Who Uses This Report

Bank staff responsible for tax reporting, compliance, or audit support.

Filters

You can filter the report using:

• Start Date

• End Date

• FI Program

Tips

• Run periodically to confirm withholding accuracy.

• Review prior to IRS reporting deadlines.

• Verify customer tax documentation status to prevent compliance issues.