What is an IRS B-Notice?

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

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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.

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1010001-00003-00 ED. 10/2021