This will provide (Americans) with certainty so they are neither over-withheld
or under-withheld," Treasury Secretary Steven Mnuchin said Thursday.
Literally millions of low-income individuals would no longer have to file tax returns simply to recover over-withheld
A person responsible for collecting and paying over-withheld
employee income tax, FICA or collected excise taxes who willfully fails to do so is personally liable for penalties.
At-source relief allows DTC customers to pay the lower tax rate at the time of a dividend payment, rather than a higher or maximum rate, which would require a tax reclaim to recover the over-withheld
Uncle Sam is going to refund an average of more than $2,000 to Americans who over-withheld
Tens of billions of dollars is over-withheld
by governments every year on cross-order income because investors and their advisers do not provide taxing governments with sufficient information to establish the correct rate of tax.
Because the tax law changes took effect mid-year, many of these households are about to find they have been over-withheld
and tax refunds will be much higher than expected," explained PEI's Senior Tax Analyst Eric Hayes.
Because the tax law changes took effect mid-year, many of these households will find they have been substantially over-withheld
and tax refunds will be much higher than expected.