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Withholding and deposit practice guide issued.

A new guide prepared by the AICPA employee benefits taxation committee can help practitioners handle tax problems with benefit plans subject to new mandatory 20% income tax withholding provisions (See Tax Briefs, page 34).

The Unemployment Compensation Amendments Act of 1992 requires 20% withholding for most qualified plan distribution.,3 not directly rolled over into a successor plan or individual retirement account. The changes in withholding requirements and deposit timing rules took effect on January 1- catching many plan administrators off guard.

The guide includes references to rules affecting elective withholdings from qualified plan documents and general deposit rules for tax withholding.

Copies of Withholding and Deposit Guide for Qualified Plans (product no. 059511JA) are available from the AICPA order department by calling 1-800-TO-AICPA.
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Publication:Journal of Accountancy
Article Type:Brief Article
Date:May 1, 1993
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