65) If the trust is an FFI, any tax overwithholding
is generally not refundable.
10) Nonetheless, FOIA has been rightly critiqued for failing to live up to its promise, hindered by administrative inefficiency, (11) overwithholding
of information, (12) and courts' failure to act as a meaningful check on agency secrecy.
Because of the reinstatement of parity, the IRS has provided guidance to employers on how to handle overwithholding
(Notice 2016-2, IRB 2016-2, 265).
If you feel that you need the disciplined forced savings of overwithholding
, then relying on an annual tax refund may make sense.
Return preparers should review all Forms W-2, Wage and Tax Statement, for clients whose wages and/or self-employment income from all sources for the year are near or over those thresholds to check for under- or overwithholding
and make the appropriate adjustments on the return.
These issues create a likely potential for overwithholding
that should be taken into account in preparing CIT quarterly estimates.
Allowing the out-of-state tax obligations to be satisfied by the withholding of 7 percent of royalties by in-state franchisees reduces the control of a franchisor over its tax liability and has the potential to lead to significant overwithholding
For the most part, the evidence (as scant as it is) suggests that RALs exist because taxpayers who have acted in some ways irrationally by overwithholding
or failing to claim advanced credits, (138) compound that irrationality by paying high fees to then get access to that money in an expedited fashion.
In situations where a client is overwithholding
taxes, it is the planner's responsibility to show how matching liabilities to withholding can enhance a client's financial situation.
ILLUSTRATION OMITTED] Danny & Shante Quinzy: OCTOBER the Advice MONEY MANAGEMENT the Action Stop giving Uncle Sam a free ride They made adjustments so that each by overwithholding
of slightly overwithholding
on wages encourages individual taxpayers to
and overpayment of federal income tax.