Backup withholding is a tax-related practice where a payer withholds a specific percentage of payments to an individual or entity to ensure taxes are paid. It is often applied when there is missing or incorrect taxpayer information, preventing potential tax evasion. The withheld amount is forwarded to the tax authorities, contributing to the taxpayer’s overall tax liability.
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Emagia is a leading provider of AI-powered Order-to-Cash (O2C) automation platform that modernizes finance operations for midsize to large global businesses. Many global businesses and shared service centers use Emagia’s Enterprise Receivables Management System to transform to digital world-class operations in credit, invoicing and payments, receivables, collections, deductions, cash application and cash forecasting. Emagia solutions improve their customers DSO, cash flow, credit risk, operational cost, compliance and profitability.
