However, if the IRS considers your income subject to backup withholding, the flat rate is 24%. Read the certification instructions, cross out Line 2 if you Food Truck Accounting or the entity you represent have received an IRS notification of backup withholding, then input your signature and the filing date. This section is only needed [...]

An asset account in a bank’s general ledger that indicates the amounts owed by borrowers to the bank as of a given date. A temporary account to which the income statement accounts are closed. This account is then closed to the owner’s capital account or a corporation’s retained earnings account. And for a review of [...]