Q:

What is IRS Publication 515?

A:

Quick Answer

Publication 515 from the Internal Revenue Service instructs withholding agents on how to calculate, report and pay taxes on behalf of foreign entities, including nonresident aliens and foreign corporations. An example of a withholding agent is a bank that pays interest income to an account holder.

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Full Answer

Publication 515 deals with a variety of income types, including money paid to athletes and income from trusts and estates. Withholding agents are personally liable for taxes that are supposed to be held back on behalf of foreign entities. While the foreign entities are responsible for paying the appropriate taxes, both the entity and the withholding agent are liable for taxes and penalties if a mistake is made.

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