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What is the purpose of owner backup withholding?

April 26, 2017backup owner purpose withholding

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What is the purpose of owner backup withholding?

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If the entity has a nonresident individual, foreign C corporation, or second tier pass-through entity owner at any time during the year, the entity may be required to remit amounts to the Montana Department of Revenue on behalf of the owner as provided in 15-30-3313, MCA. The entity will have to remit amounts for those nonresident owners who did not file a consent agreement (Form PT-AGR) or statement (Form PT-STM).