There are multiple circumstances for backup withholding (BWH).
- Your name or Tax Identification Number on file with DriveWealth does not match your name or Tax Identification Number on record with the IRS. This article includes more information about why there may be a mismatch and how to correct it.
- Underreporting income to the IRS will result in being placed on the IRS C-Notice List.
- The IRS will need to be contacted directly in this instance. Once cleared, the IRS will notify DriveWealth directly to clear from C-Notice List.
*DriveWealth does not provide tax or accounting advice. Please consult a tax and/or accounting professional accordingly.*