(1) AGREEMENT WITH U.S. SECRETARY OF TREASURY. The secretary of revenue is authorized to enter into an agreement with the secretary of the treasury of the United States pursuant to P.L. 82-587 enacted July 17, 1952.
(2) PROVISIONS OF THIS CHAPTER APPLY. All provisions of this chapter on the following subjects relating to income taxes that are not in conflict with this subchapter apply to the administration of this subchapter: assessment, hearing and appeal procedures, preparation of assessments, certification of taxes due and correction of them, interest, penalties, collection, including s. 71.80 (3) and subch. XV, and refund procedures.
(3) WITHHELD AMOUNTS ARE FUNDS HELD IN TRUST FOR THE STATE. Whenever any person is required to withhold any Wisconsin income tax from an employee, until such amount is deposited with the public depository prescribed by s. 71.65 (3)
(a) or paid over to the department as prescribed by s. 71.65 (3) (b), the amount so withheld shall be held to be a special fund in trust for the state. The amount of such fund may be assessed and collected from such person by the department as income taxes are assessed and collected, and such collection shall not abate any penalty imposed.
(4) WITHHOLDING FROM LOTTERY WINNINGS.
(a) The administrator of the lottery division in the department under ch. 565 16471.67 INCOME AND FRANCHISE TAXES shall withhold from any lottery prize of $2,000 or more an amount determined by multiplying the amount of the prize by the highest rate applicable to the person who claims the prize. The administrator shall deposit the amounts withheld, on a monthly basis, as would an employer depositing under s. 71.65 (3) (a).
(b) The administrator shall furnish to each payee whose winnings are subject to withholding under par.
(a) during the year, on or before January 31 of the succeeding year, 2 legible copies of a written statement showing the following: 1. The name of the payer and that payer’s Wisconsin income tax identification number, if any. 2. The name of the payee and that payee’s social security number, if any. 3. The gross amount of lottery prize winnings that are subject to withholding under par. (a). 4. The total amount deducted and withheld as required under par. (a).
(c) 1. The payee shall furnish the department of revenue with one copy of the written statement he or she receives under par.
(b) along with his or her income or franchise tax return for the year. 2. The administrator shall furnish the department of revenue with a copy of the statement that he or she furnishes to the payee under par. (b).
(5) WITHHOLDING FROM PARI-MUTUEL WAGER WINNINGS.
(a) Wager winnings. A person holding a license to sponsor and manage races under s. 562.05 (1)
(b) or (c) shall withhold from the amount of any payment of pari-mutuel winnings under s. 562.065 (3)
(a) or (3m)
(a) an amount determined by multiplying the amount of the payment by the highest rate applicable to individuals under s. 71.06 (1q) or (1r) if the amount of the payment is more than $1,000.