I work for a Mortgage company, and we send many . . .
I work for a Mortgage company, and we send many checks out daily to cover hazard claims for property damages. The funds are sent to us from the Insurance company, and put into "buckets" on each loan.
When a request comes to us(Accounts Payable) we pull the funds from this bucket and send a check to the contractor and mortgager.
Is this an item that Accounts Payable is responsible for reporting at Year End? Or would this be the Insurance company's responsibility?
When three or more parties are involved in a transaction, the answer will depend upon the relationship between all of the parties and may vary from transaction to transaction.
When invoicing a contractor that is requesting payment for services . . .
When invoicing a contractor that is requesting payment for services and travel related expenses the question arose whether to report services and the travel expenses on the 1099. Is this correct that the 1099-M would include both?
We have an employee that also does some independent contracting . . .
We have an employee that also does some independent contracting work for our company. Do we need to pay the work done as an independent contractor through payroll (and report on a Form W-2)?
Generally...
We have an employee whose product we use in our . . .
We have an employee whose product we use in our business. We pay her a royalty. How should we report this payment/income?
Since the issuing of a Form W-2 and Form 1099 to the same person can...
If we are paying a former employee, do we report . . .
If we are paying a former employee, do we report the new payment to him on a Form 1099?
Examine the facts and circumstances carefully to identify the type of payment and...
How do we distinguish an independent contractor from an employee?</span></p> . . .
How do we distinguish an independent contractor from an employee?
It is important to classify your workers properly. If you don’t then misclassification can cost you liability for tax penalties and back withholding for federal taxes, unemployment and workers compensation insurance premiums, penalties and back withholding for state and local taxes, and possibly benefits that a misclassified worker should have received.
We have an independent contractor whose expenses we reimburse. Should . . .
We have an independent contractor whose expenses we reimburse. Should we include those reimbursements in our Form 1099 reporting?
If the contractor has...
An independent contractor has requested tax withholding from the payments . . .
An independent contractor has requested tax withholding from the payments we make to her. Are we required to withhold upon her request?
There is...
no provision in tax law or regulations for you to withhold tax from independent contractor payments at the request of the payee. In fact, you cannot withhold from a payment to your payee if she requests such. The vendor is responsible for her personal tax liability.