What is the current backup withholding rate for a NRA individual or business without a valid W8 and earning interest income from a bank deposit account. Is it still at 30% or has it been reduced in 2018 with the 2017 Tax Reform Act?
I am referring to the 2017 Tax Reform Act because the backup withholding rate was reduced from 28% to 24% for US persons without a TIN starting in 2018. Can the 24% backup withholding be applied to a NRA without a valid W-8?
I am referring to the 2017 Tax Reform Act because the backup withholding rate was reduced from 28% to 24% for US persons without a TIN starting in 2018. Can the 24% backup withholding be applied to a NRA without a valid W-8?