An IRS B-Notice is an annual IRS notification to payers, that IRS Forms 1099 have been filed with either missing or incorrect name/TIN combinations.
A first B-Notice mailing is used when there is a mismatch between the IRS registration and the tax reporting information that was supplied via IRS Form 1099. The first B-Notice is mailed to a shareholder within 15 days of receipt accompanied by an IRS Form W-9. Withholding is established generally on dividends, short-term capital gains, long-term capital gains, and redemptions, at a rate of 24%, if shareholders do not respond within 30 calendar days of the mailing.
A second B-Notice is issued if the account is identified on two B-Notice reports within 3 calendar years. If a second B-Notice is placed on an account, the shareholder must contact the IRS or Social Security Administration (SSA) directly. They can no longer go through PMFS directly to stop the backup withholding.
1012480-00007-00 Ed. 2/2023
Consider a fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus and the summary prospectus contain this and other information about the fund. Contact your financial professional for a prospectus and the summary prospectus. Read them carefully before investing.
An investment in our money market funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the funds seek to preserve the value of yourclients investment at $1.00 per share, it is possible to lose money by investing in the funds.
Mutual fund investing involves risk. Some mutual funds have more risk than others. The investment return and principal value will fluctuate and investor's shares when sold may be worth more or less than the original cost. Fixed income investments are subject to interest rate risk, and their value will decline as interest rates rise. Asset allocation and diversification do not assure a profit or protect against loss in declining markets. There is no guarantee a Fund's objectives will be achieved. The risks associated with each fund are explained more fully in each fund's respective prospectus. Your clients should consult with their attorney, accountant, and/or tax professional for advice concerning their particular situation.
This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or proespective clients. The information is not intended as investment advice and is not a recommendation about managing or investing your retirement savings. Clients seeking information regarding their particular investment needs should contact a financial professional.
Investment products are distributed by Prudential Investment Management Services LLC, a Prudential Financial company, member SIPC. Separately Managed Accounts are offered through our affilates. Jennison Associates and PGIM, Inc. (PGIM) are registered investment advisors and Prudential Financial companies. QMA is the primary business name of QMA LLC, a wholly owned subsidiary of PGIM. PGIM Fixed Income and PGIM Real Estate, are units of PGIM. © 2021 Prudential Financial, Inc. and its related entities. Jennison Associates, Jennison, PGIM Real Estate, PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide
Prudential Financial, Inc. of the United States is not affiliated in any manner with Prudential plc,incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G incorporated in the the United Kingdom.
Investment Products: Are not insured by the FDIC or any other federal government agency, may lose value, and are not a deposit of or guaranteed by any bank or any bank affiliate.
1010001-00003-00 ED. 10/2021