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L&S Royalty Payment Processing
In this document, the L&S business office provides information for the benefit of L&S departments, programs, faculty and staff concerning payment processing for payment of intellectual property(such as royaties). L&S follows UW-Madison policy and procedure, which adopts the IRS policy definition of a "royalty" as something paid to obtain iintellectual property, or to use intellectual property or rights to such property.
The IRS classifies the following expenditure terms similarly: Royalty, Patents, Licensing, Copyrights, Rights, Tradenames, Trademarks, Inellectual, Permissions.
Please use the following link on the UW Accounting Services web site and scroll down to Royalties Payments (Tax Withholding and Reporting)