Review of Miscellaneous Income Reporting to the Internal Revenue Service
|
|
- Chrystal Howard
- 7 years ago
- Views:
Transcription
1 Review of Miscellaneous Income Reporting to the Internal Revenue Service July 19, 2010 Report No Office of the County Auditor Evan A. Lukic, CPA County Auditor
2 Table of Contents Topic Page Executive Summary...1 Purpose and Scope...1 Methodology...1 Background...2 Findings and Recommendations...5
3 Executive Summary This report presents the results of our review of Broward County s process for reporting miscellaneous income on Internal Revenue Service Form 1099-Misc (Form 1099). The purpose of our review was to evaluate the effectiveness of the Accounting Division s (Accounting) process for summarizing and reporting miscellaneous income paid to individuals and vendors in compliance with the Department of Treasury, Internal Revenue Service (IRS) guidelines. Our review disclosed: Twenty-seven percent of vendor files reviewed contained incomplete information and/or inaccurate classification of reportable transactions on their Request for Taxpayer Identification Number and Certification forms (W-9) or Form Vendor data and Advantage system settings are not effectively maintained to ensure complete and accurate 1099 reporting. The County s process for preparing Form 1099 is time consuming, labor intensive and appears to be inefficient. In addition to the above issues, new IRS rules will require government entities to withhold 3% from individual payments that are $10,000 or more, starting January 1, These amounts will be reported to IRS on Form 1099, potentially increasing the amount of time and effort dedicated to processing1099s. We recommend the Board of County Commissioners direct the County Administrator to develop a more efficient and effective process for the reporting of miscellaneous income. Page 8 of this report details our recommendations. Purpose and Scope The purpose of our review was to evaluate the effectiveness of the Accounting Division s (Accounting) process for summarizing and reporting miscellaneous income paid to individuals and vendors in compliance with IRS guidelines. Our review focused on the reports and various documentation used by Accounting in the processing of Form 1099 issued in February 2009 for the 2008 reporting year. Methodology To accomplish our objective we reviewed: 2008 IRS instructions for Form 1099 Miscellaneous Income, 1099 Setup and Processing, CSG Advantage Financial Webcast, 1 1 This webcast was provided by CGI, the County s vendor/consultant for the Advantage financial system. Office of the County Auditor 1
4 Broward County s Form 1099 Processing Guide, Reports and various documentation used by Accounting in the processing of Form 1099, and Vendor Form W-9 (Request for Taxpayer Identification Number and Certification) and Form 1099 records and transaction histories. In addition, we interviewed Accounting Division Staff. Background The IRS requires the payment of miscellaneous income such as rents, royalties, prizes, and payments for services to be reported each year through the use of Form The IRS has established specific criteria for determining if payments made to individuals or vendors are considered reportable for income tax purposes. According to the Form 1099 instruction guide, forms are required to be filed annually for the following income types/amounts: at least $10 in royalties; at least $600 in rents, services (including parts and materials), prizes and awards, or medical and health care payments; fishing boat proceeds; and gross proceeds to an attorney. Exceptions to the miscellaneous income reporting requirement include: payments to a corporation; payments of rent to real estate agents; wages and business travel allowances paid to employees; and payments to tax-exempt organizations including tax-exempt trusts. Each year, Broward County government conducts business with many vendors. Based on specific criteria published by the IRS, some of these payments are considered to be reportable income. For each entity paid, Broward County sends Form 1099 to the IRS and issues duplicate copies of the form to each vendor for their records and use in filing annual income tax returns. The form, as displayed on the cover of this report, contains identifying information about the payer and recipient, as well as the amounts and types of income paid and tax withheld, if any. Broward County s Accounting Division is responsible for ensuring the County s compliance with IRS 1099 reporting regulations. When determining if a Form 1099 will be issued to a vendor, Accounting relies on a combination of the reporting status of a vendor when they are first set up in Advantage and the reporting status of the object codes used to pay the vendor s invoices. Table 1 below lists the number of vendors paid by the County, the number of Form 1099s issued and the total dollar value of miscellaneous income reported for fiscal years 2008 and As shown in each of the past two years, approximately 5,000 active vendors received 2 This requirement does not include regular income paid to employees, which is reported to the IRS via Form W-2, Wage and Tax Statement. Office of the County Auditor 2
5 payments from Broward County. Of these, 1,405 and 1,834 in 2008 and 2009 respectively had reportable income totaling $309.4 million for which they were issued Form 1099s. 3 Table 1: In the past two fiscal years, Broward County has issued 3,239 Form 1099s, representing total reportable income of $309.4 million. Calendar # of Active # of Misc. Dollar Value of Year Vendors Forms Issued Income Reported ,246 1,405 $152,369, ,993 1,834 $157,043,472 Totals 10,239 3,239 $309,412,990 Source: Broward County Accounting Division In addition to reporting payments made directly to authorized vendors, the County is required to use Form 1099 to report payments made to entities through procurement card (p-card) purchases. Specifically, all payments made for goods and services to reportable vendors, whether by check, direct deposit or p-card must be reported to the IRS via Form Table 2 below shows the amounts paid to vendors through p-card purchases for calendar years 2008 and 2009 which are included in the amounts reported to the IRS in Table 1 above. Table 2: In the past two years, Broward County reported $236,103 in p-card transactions on 1099-Misc Forms Calendar Year $ Amt P - Card Transactions 2008 $ 90, $145,156 Total $236,103 Source: Broward County Accounting Division Overview of Broward County s Reporting Process for Form 1099 In preparation for Form 1099 reporting, Accounting staff review and verify reports and data from several sources. The following summarizes the review process currently in place: Vendor Registration and Verification of Vendor Reporting Status Prior to doing business with Broward County, an individual, business or corporation must become a registered vendor. This is accomplished by completing an online application for approval by the Purchasing Division. The vendor applicant must submit a completed IRS 3 The number of 1099 forms issued is significantly lower than the number of vendors, as many businesses maintain their status as a County registered vendor although they may not have current transactions. Many vendors may have transactions during the year but are exempt from reporting income on 1099 s (e.g. most corporations and some partnerships.) Office of the County Auditor 3
6 Form W-9, 4 along with copies of required documentation. Information on the W-9 form is used by Accounting to enter the U.S. person 5 as a County vendor within the Advantage Financial System (Advantage). Information from the W-9 form is then used to determine if monies paid will be considered reportable income. During the vendor set up process, accounting staff may also review information submitted by County agencies requesting the object codes for vendor payments. 6 The assignment of object codes is based upon the types of payments to be made, and the information provided by County agencies further assist Accounting staff in identifying the income as reportable or non-reportable. At the end of the year, Accounting generates reports from Advantage to determine the total amount paid to each vendor throughout the year and to ensure that accurate 1099 forms will be issued to all reportable vendors. Three reports are generated listing the following: all vendors that received payment during the year, all reportable vendors, and all non-reportable vendors. 7 Staff meticulously reviews the reports to determine whether all vendors that are considered reportable for 1099 purposes are correctly stated. One step in this process requires staff to compare the combined list of vendors for the current year against that of the prior year and research any discrepancies. Any vendor whose status has changed is flagged as a research item. Staff then reviews the vendor s detail information and payment history to determine the proper reporting status for the current year and correct any errors. Procurement Card (P-Card) Vendors Some vendors are paid through the County s P-Card program. Regardless of the payment method, vendors meeting the IRS criteria must be reported on Form Therefore, staff review all procurement card payments to determine whether vendors paid in this manner must receive a 1099 form. Since P-Card vendors may or may not be registered with the County, unregistered, reportable vendors are added to the Advantage system and requests are made for a W-9 form from the vendor to validate the taxpayer identification number and address. Verification of Payments on Behalf of Deceased Employees Accounting staff receive from County Payroll a list of deceased employees who were paid accrued wages and benefits during the year. This information is incorporated into the 4 IRS Form W-9, Request for Taxpayer Identification Number and Certification, is used by payer entities to obtain identifying information about an individual or business to which income will be paid. It requires the applicant to list their name, business name (if applicable), type of entity (sole proprietor, corporation, partnership, or limited liability company), address, taxpayer identification number (or social security number) and requires a signatory certification that the information provided is correct. This information is then used by the payer for reporting to the IRS. 5 For federal tax purposes you are considered a U.S. person if you are an individual who is a US citizen or resident, a partnership, corporation, company or association created or organized in the United States or under the laws of the United States, an estate or a domestic trust. 6 Object codes, also known as charge points, are used to identify and charge the budget items from which a vendor will be paid. 7 A reportable vendor is one that should receive a 1099-Misc form pursuant to the criteria established by the IRS; a nonreportable vendor is one that IRS has specifically excluded from reporting on Form 1099-Misc. Office of the County Auditor 4
7 reporting process. IRS Form 1099 instructions state that employers are to report the deceased employees accrued wages and benefits on Form 1099 which is issued to the deceased employees trustee or beneficiaries. Distribution of the Form 1099s After Accounting staff verify the Form 1099 data, the electronic files are prepared for printing by the County s print shop and distribution via U.S. Mail. The County is required to issue 1099-Misc. forms to all vendors by February 15 of each year and to the IRS by February 28. Findings and Recommendations Finding 1 Twenty-seven percent (15 of 55) of vendor files reviewed contained incomplete information and/or inaccurate classification of reportable transactions on their W-9 or Form Analysis of Vendor Transactions and 1099 Reporting To determine if Accounting has properly classified payments to vendors as reportable or non-reportable, and provided accurate and complete information to the IRS, we reviewed W-9 and 1099-Misc. forms for 55 vendors. Our analysis identified 7 instances of incomplete information and 11 instances of inaccurate 1099 reporting related to 15 of the vendors selected. Specifically, we found: Seven vendors with incomplete W-9 or 1099 information; without the information contained in these forms we cannot verify the correctness of 1099 reporting. Eleven instances in which reportable and non-reportable transactions were not properly classified resulting in inaccurate 1099 reporting. In addition we identified the following procedural weaknesses: Lack of written guidelines or procedures for designating reportable and non- reportable statuses for object codes, Lack of supervisory review over the determination of reporting status based upon assigned object codes, and Lack of supervisory review over the W-9 forms, vendor set up in Advantage system and maintenance of vendor files. Based on these results, it appears that the County s processing of Form 1099 lacks appropriate procedures to ensure accuracy. Office of the County Auditor 5
8 Finding 2 Vendor data and Advantage system settings are not effectively maintained to ensure complete and accurate Form 1099 reporting. Sound business practice dictates that procedures should be in place to routinely review vendor information to ensure accuracy. Specific concerns identified in this review include the absence of an audit trail of all changes to records in Advantage and routine procedures for updating Form 1099 reporting information. Maintenance of Vendor Data Access to add/update vendor information in the vendor table is restricted to three staff persons in the Accounting Division. The County requires vendors to submit a new W-9 to the Accounts Payable section when there is a change of name, Taxpayer Identification Number (TIN), or when the vendor merges or acquires another entity. For vendors who have a contract with the County, a vendor affidavit approved by the County s Director of Purchasing is required before Accounts Payable makes any change to the contractual vendor profile in Advantage. In our review of vendor maintenance process and controls, we identified the following weaknesses: Accounting does not use Advantage audit history reports or utilize any other procedures to identify unauthorized changes to vendor files. Changes to the 1099 data made outside of Advantage (Convey 8 Electronic software tool or 1099 report file) are not carried over to Advantage at the end of the 1099 processing cycle, therefore every year the same change must be made. The lack of an audit trail precludes subsequent detection of unauthorized changes and prevents supervisory monitoring of staff changes to the vendor database. Preventive controls are necessary to protect the integrity of vendor data. Form 1099 System Processing Accounting staff rely on the Advantage system to completely and correctly identify and report 1099 vendors and transactions. Advantage is an electronic system that processes data based on user-defined values and system settings. In our review of the 1099 preparation process, we found the following exposures related to electronic processing that could affect completeness and accuracy of 1099 reporting: According to Accounting Division staff, electronic funds transfers (EFT) are excluded from 1099 reporting because they are not specifically identified in Advantage system settings for 1099 reporting. 8 Convey is the third party software used to print forms and create IRS compliant electronic file for 1099 e-reporting. Office of the County Auditor 6
9 The system table of vendors flagged as 1099 reportable is only reviewed for individual vendors when the County receives a B-notice 9 from the IRS indicating that a name/tax ID combination does not match IRS records, a tax ID number is missing, or a tax ID number does not match IRS records. The population of 1099 vendors is not routinely audited for validation of reporting status. Finding 3 The County s process for reporting miscellaneous income is time consuming, labor intensive and appears to be inefficient. Accounting s existing process for 1099 reporting is reliant on several different data sources, reports and software systems. Specifically, registered vendor applications are submitted online, paper copies of W-9 forms and supporting documentation are received and manually filed, requests for vendor object codes are received, vendor data is stored electronically, and paper-based submissions of change documents are manually updated in databases. Several reports from the Accounting System are printed and manually reviewed each year in preparation for reporting. These reports contain more than 7,000 pages of data in.pdf format. The volume and format of the reports hinders analysis and review of the data. To further complicate the review process, additional reports must be obtained from other sources for p-card purchases and payroll data. Once reviewed, data must be exported to Convey software tool for the actual printing of required reporting forms. As a result, the process is time consuming, labor intensive, and as demonstrated by the findings within this report, prone to error. This process needs to be improved to reduce staff burdens and increase accuracy. In addition to the above challenges, new federal legislation requiring government entities to withhold 3% of amounts paid to vendors will take effect on January 1, Vendors that are paid individual payments of $10,000 or more are subject to this withholding which will be reported on Form As a result, the number of 1099 forms processed by the Accounting Division will potentially increase. 9 When the County receives B notices, payments to the identified vendor are placed on hold and the vendor is unable to receive payments until a new W-9 with the corrected information is forwarded to the County. In 2008, Broward County received approximately B-Notices from the IRS identifying vendors with mismatched information. Although penalties may be associated with the issuance of B-Notices, IRS has typically waived these charges as a result of the County s quick follow up and corrective action. Office of the County Auditor 7
10 Recommendations We recommend the Board of County Commissioners direct the County Administrator to develop a more efficient and effective process for the reporting of miscellaneous income. At a minimum the new process should include: 1. Procedures to prevent unauthorized changes to vendor tables and ensure review of vendor files for completeness. 2. Inclusion of EFT transactions in system parameters for 1099 reporting as appropriate. 3. Updating the Advantage vendor database to include changes made to vendor reporting status or type of income reported as a result of year end 1099 processing. 4. Written guidelines and procedures for designating reportable and non-reportable status for object codes to assist County staff in classifying expenditures appropriately. 5. Supervisory review of reporting status of assigned object codes to ensure object codes are accurately marked reportable, non-reportable. 6. Steps to ensure Form 1099s are accurately prepared and issued for all vendors classified as reportable, who receive more than $600 in payments from the County, as required by the IRS guidelines. 7. A more efficient and streamlined process for the reporting of miscellaneous income on the Form This may include, but not be limited to, increased coordination between Accounting and Enterprise Technology Services (ETS) to enhance the use of technology in an effort to make the process less labor intensive. Office of the County Auditor 8
Guide for End-of-Year AP Best Practices
HOW-TO Guide for End-of-Year AP Best Practices 2015-2016 Contents Year-End Checklist for Accounts Payable Sample Year-End Calendar Master Vendor File Clean-Up and Maintenance 1099 Misc. Reporting and Corrections
More informationOffice of Business and Finance
OBJECTIVE To establish procedures for review and payment of invoices for goods and services purchased by the university. POLICY Applies to: Faculty, staff, students, visitors, vendors Issued: 8/2000 Revised:
More informationNote: When accepted by the payee, a P-Card should be used in lieu of a Payment Request form.
Payment Requests Summary Regardless of dollar value, a Payment Request form is used for certain types of commodities for which a formal purchase order is not required or where negotiation by Purchasing
More informationParks and Recreation: Review of Sales Tax Reporting Process
Exhibit 1. Parks and Recreation: Review of Sales Tax Reporting Process March 22, 2012 Report No. 12-08 Office of the County Auditor Evan A. Lukic, CPA County Auditor Table of Contents Topic Page Executive
More informationREQUIREMENT TO FILE FORMS 1099
REQUIREMENT TO FILE FORMS 1099 The Internal Revenue Service ( IRS ) has begun focusing heavily on taxpayer compliance with information reporting laws. In just a few short years, Congress has sharply increased
More information2012 PAYROLL RATES AND LIMITS. Employee Withholding Rate Wage Base Dollar Amount
2012 PAYROLL RATES AND LIMITS Gross Maximum Employee Withholding Rate Wage Base Dollar Amount FICA/Social Security 4.20% * $110,100 $4,624.20 FICA/Medicare Portion 1.45% No Limit No Limit Total FICA 7.65%
More informationMissouri Lottery Winner Claim Form Official Missouri Lottery Claim Form
[ STAPLE TICKET HERE ] Missouri Lottery Winner Claim Form Official Missouri Lottery Claim Form A B C PLEASE PRINT your name, address and phone number on the back of your ticket - YOU MUST SIGN YOUR TICKET.
More informationTips on Completing Form 1099 Misc
Certified Public Accountants Medical Dental Practice Consultants Tips on Completing Form 1099 Misc Who Must File Form 1099 Misc Form 1099 is used to report made to certain vendors (see list below). When
More informationVISION Vendor Set up, W-9 Forms and Reportable Payment Processing FAQs
VISION Vendor Set up, W-9 Forms and Reportable Payment Processing FAQs 1. Question: I have had multiple requests from Finance to obtain a W-9 from new vendors that I requested to be set up in VISION or
More informationPSFIN V8.9 Training. 1099 Processing User s Guide
PSFIN V8.9 Training 1099 Processing User s Guide Information Technology Services Version 2.0 Last Updated: 12/18/2011 Table of Contents Table of Contents Chapter 1: Introduction to 1099 Processing...
More informationOffice of Business and Finance
OBJECTIVE To establish procedures for review and payment of invoices for goods and services purchased by the university. POLICY Applies to: Faculty, staff, students, visitors, vendors Issued: 08/2000 Revised:
More informationAttention: See IRS Publications 1141, 1167, 1179 and other IRS resources for information about printing these tax forms.
Attention: This form is provided for informational purposes only. Copy A appears in red, similar to the official IRS form. Do not file copy A downloaded from this website. The official printed version
More informationIRS GUIDELINES FOR FORM 1099 FOR STATE AND LOCAL GOVERNMENTS IRS Webinar: http://www.tax.gov/1099webinar/
1 IRS GUIDELINES FOR FORM 1099 FOR STATE AND LOCAL GOVERNMENTS IRS Webinar: http://www.tax.gov/1099webinar/ WHO MUST FILE Any entity conducting a trade or business is required to file Form 1099. Government
More informationFORM 1099 MISC REMINDERS FOR STATE AND LOCAL GOVERNMENTS
FORM 1099 MISC REMINDERS FOR STATE AND LOCAL GOVERNMENTS WHO MUST FILE Any entity conducting a trade or business is required to file Form 1099. Government Agencies and non-profit organizations are also
More informationhttp://www.w2mate.com
Below is a Sample PDF 1099-MISC Form Generated from inside our 1099-MISC Software To learn more please visit http://www.w2mate.com VOID PAYER S name, street address, city, state, ZIP code, and telephone
More informationPurchasing Cards and IRS Requirements. A Look at the Issues
Purchasing Cards and IRS Requirements A Look at the Issues Executive Summary Businesses that use purchasing cards must meet certain Internal Revenue Service (IRS) information reporting, withholding, and
More informationReport on Tasks Performed at the Request of the County Attorney s Office Regarding Broward County s Disadvantaged Business Enterprise (DBE) Program
Report on Tasks Performed at the Request of the County Attorney s Office Regarding Broward County s Disadvantaged Business Enterprise (DBE) Program July 10, 2008 Report No. 08-16 Office of the County Auditor
More informationAPPLICATION CONTINUES ON THE NEXT PAGE
CITY & COUNTY OF SAN FRANCISCO OFFICE OF THE TREASURER & TAX COLLECTOR JOSÉ CISNEROS, TREASURER Taxpayer Assistance, City Hall Room 140 #1 Dr. Carlton B. Goodlett Place, San Francisco, CA 94102 Customer
More informationSTATE OF WYOMING WOLFS-109(a)
STATE OF WYOMING WOLFS-109(a) The State of Wyoming must have a properly completed form before payment will be made. STATE AGENCY INFORMATION Agency #, Agency Name, Contact Name, Title, Address; Phone #
More informationUNPAID CHECK FUND INSTRUCTIONS
UNPAID CHECK FUND INSTRUCTIONS How to file a claim: If you are an individual filing a claim: Complete the claimant portion of the claim form to the best of your knowledge. The claim form must include each
More informationFINANCIAL MANAGEMENT POLICIES AND PROCEDURES
FINANCIAL MANAGEMENT POLICIES AND PROCEDURES SAMPLE 1. GENERAL PURPOSE The purpose of these policies is to establish guidelines for developing financial goals and objectives, making financial decisions,
More informationInformation Reporting Forms 1099. Sponsored by Office of Financial Management and Internal Revenue Service December 12, 2012
Information Reporting Forms 1099 Sponsored by Office of Financial Management and Internal Revenue Service December 12, 2012 Information Reporting Form Code Section 1098 6050H 1098-E 6050S 1098-T 6050S
More information1099 PROCESSING TERMINOLOGY
1099 PROCESSING The Internal Revenue Service (IRS) requires that recipients of certain financial transactions pay taxes on those transactions. The providers of taxable benefits are required to notify the
More informationRCUH Vendor File & IRS Form 1099 Reporting Requirements. October 2013
RCUH Vendor File & IRS Form 1099 Reporting Requirements October 2013 What s on the Agenda? The What and the Why Making improvements Vendor file & vendor records - What s in it Searching the file A new
More informationElderly and Veterans Services Division Payroll Processing Review
Elderly and Veterans Services Division Payroll Processing Review September 17, 2009 Report No. 09-16 Evan A. Lukic, CPA County Auditor Table of Contents Topic Page Executive Summary... 1 Purpose and Scope...
More informationYear-End Fringe Benefit Reporting and Other Reporting Requirements
and Other Reporting Requirements November 2013 TO: RE: All Business Clients Year-End Fringe Benefit Reporting and Other Reporting Requirements DATE: November 20, 2013 Certain fringe benefits paid for or
More informationSubstitute W-4P Tax Withholding Certificate for Pension or Annuity Payments Wis. Stat. 40.08 (1)
Substitute W-4P Tax Withholding Certificate for Pension or Annuity Payments Wis. Stat. 40.08 (1) Wisconsin Department of Employee Trust Funds 801 W Badger Road PO Box 7931 Madison WI 53707-7931 1-877-533-5020
More information2012 Year End Accountant Guide
2012 Year End Accountant Guide For your clients using RUN Powered by ADP This guide contains information and critical dates to assist you with year end payroll and tax filing tasks. HR. Payroll. Benefits.
More informationRevenue Chapter 810 3 75 ALABAMA DEPARTMENT OF REVENUE ADMINISTRATIVE CODE CHAPTER 810 3 75 STATEMENT TO BE FURNISHED EMPLOYEE TABLE OF CONTENTS
Revenue Chapter 810 3 75 ALABAMA DEPARTMENT OF REVENUE ADMINISTRATIVE CODE CHAPTER 810 3 75 STATEMENT TO BE FURNISHED EMPLOYEE TABLE OF CONTENTS 810 3 75.01 Withholding Statement Furnished Employees 810
More informationBEST PRACTICES IN ACCOUNTS PAYABLE
Financial Management Program BEST PRACTICES IN ACCOUNTS PAYABLE GASBO 2015 Tracy Arner, CPA tarner@uga.edu 1 Objectives At the end of this session, the participant will be able to - Discuss the definition
More information$ 2 Royalties. Form 1099-MISC 3 Other income. 4 Federal income tax withheld. 5 Fishing boat proceeds 6 Medical and health care payments
Attention: Do not download, print, and file Copy A with the IRS. Copy A appears in red, similar to the official IRS form, but is for informational purposes only. A penalty of 50 per information return
More informationCONTRACTOR PACKET Vendor Invoice and Payment Processing Instructions
CONTRACTOR PACKET Vendor Invoice and Payment Processing Instructions Introduction Cummings Property Management Inc. is the company that manages the administrative and financial operations of the community
More informationGuide to tax statements: Ameriprise brokerage and managed accounts not part of an IRA or other retirement plan
Guide to tax statements: Ameriprise brokerage and managed accounts not part of an IRA or other retirement plan Updated: Dec. 14, 2015 Table of Contents Introduction Summary Information statement (includes
More informationRUN Powered by ADP Year-End Guide
RUN Powered by ADP Year-End Guide TDYEG V0115A HR.Payroll.Benefits ADP's Trademarks The ADP Logo, ADP, and RUN Powered by ADP are registered trademarks of ADP, LLC. Third-Party Trademarks Adobe and Acrobat
More informationASK THE EXPERTS. Customer Service
Ask the Experts If you ve got payroll and tax filing questions, we ve got answers! Read through our list of frequently asked questions below or if you can t find what you re looking for, please send your
More informationAccounts Payable Workshop. Boston University Office of the Comptroller
Accounts Payable Workshop Boston University Office of the Comptroller Accounts Payable Workshop Topics of Discussion Accounts Payable Organization Purchases Covered by University Purchasing Policy Receipt
More information1 Rents. 2 Royalties. $ 3 Other income. 5 Fishing boat proceeds. $ 7 Nonemployee compensation
Attention: This form is provided for informational purposes only. Copy A appears in red, similar to the official IRS form. Do not file copy A downloaded from this website. The official printed version
More informationCHAPTER 4 EFFECTIVE INTERNAL CONTROLS OVER PAYROLL
CHAPTER 4 EFFECTIVE INTERNAL CONTROLS OVER PAYROLL INTRODUCTION AND LEARNING OBJECTIVES Every organization, including governments, require employees to assist in meeting their goals and objectives. The
More informationInstructions for the Requester of Forms W 8BEN, W 8BEN E, W 8ECI, W 8EXP, and W 8IMY (Rev. July 2014)
Instructions for the Requester of Forms W 8BEN, W 8BEN E, W 8ECI, W 8EXP, and W 8IMY (Rev. July 2014) Section references are to the Internal Revenue Code unless otherwise noted. Future developments. For
More informationWhen an employer with more than one account closes an account, the employer remains liable for any amount owing on the closed account.
When an employer ceases business, the WSIB does not relieve the employer of its financial obligations until the employer has paid all amounts owing to the WSIB. An employer who ceases business and does
More information1 Rents. 2 Royalties. 3 Other income. 5 Fishing boat proceeds. 7 Nonemployee compensation
Attention: This form is provided for informational purposes only. Copy A appears in red, similar to the official IRS form. Do not file copy A downloaded from this website. The official printed version
More informationDepartment of Labor, Licensing and Regulation Division of Unemployment Insurance
Audit Report Department of Labor, Licensing and Regulation Division of Unemployment Insurance February 2009 OFFICE OF LEGISLATIVE AUDITS DEPARTMENT OF LEGISLATIVE SERVICES MARYLAND GENERAL ASSEMBLY This
More informationGrant Receivable Review
Grant Receivable Review May 6, 2009 Report No. 09-05 Evan A. Lukic, CPA County Auditor Table of Contents Topic Page Executive Summary...1 Purpose and Scope...1 Methodology...2 Background...2 Findings...5
More information1 Rents. 2 Royalties. $ 3 Other income. 5 Fishing boat proceeds. $ 7 Nonemployee compensation
Attention: Copy A of this form is provided for informational purposes only. Copy A appears in red, similar to the official IRS form. The official printed version of Copy A of this IRS form is scannable,
More informationRECORDS RETENTION GUIDELINES
RECORDS RETENTION GUIDELINES We are often asked about how long specific records should be kept. Discarding records that should be kept poses a wide range of potential tax and legal problems. Keeping them
More informationMartin A. Darocha, CPA Tax and accounting services for individuals and their businesses, estates and trusts. 2015 PAYROLL TAX TOOLKIT December 2014
, CPA Tax and accounting services for individuals and their businesses, estates and trusts. 2015 PAYROLL TAX TOOLKIT December 2014 Following is a brief summary of payroll tax information for 2015. If you
More informationCONTRACTOR PACKET Vendor Invoice and Payment Processing Instructions
CONTRACTOR PACKET Vendor Invoice and Payment Processing Instructions Introduction Cummings Property Management Inc. is the company that manages the administrative and financial operations of the community
More information1. Is there a difference between an employee and a subcontractor?
? Subcontractors Frequently Asked Questions Text Publications & Forms Internal Revenue Code & Treasury Regulations Revenue Procedures & Revenue Rulings 1. Is there a difference between an employee and
More informationTax Planning and Reporting for a Small Business
Table of Contents Welcome... 3 What Do You Know? Tax Planning and Reporting for a Small Business... 4 Pre-Test... 5 Tax Obligation Management... 6 Business Taxes... 6 Federal Income Tax Forms... 7 Discussion
More informationCONTRACTOR APPLICATION HOUSING REHABILITATION PROGRAM
CITY OF GALVESTON GRANTS & HOUSING DEPARTMENT P.O. Box 779 Galveston, Texas 77553 Office (409) 797 3820 Fax (409) 797 3888 CONTRACTOR APPLICATION HOUSING REHABILITATION PROGRAM CONTRACTOR APPLICATION HOUSING
More informationApplication Procedures for Qualified Intermediary Status Under Section 1441; Final Qualified Intermediary Withholding Agreement
Part III Administrative, Procedural, and Miscellaneous Application Procedures for Qualified Intermediary Status Under Section 1441; Final Qualified Intermediary Withholding Agreement Rev. Proc 2000-12
More informationEnterpriseOne B73.3.1 IRS Form 1099 Processing (1998) PeopleBook
EnterpriseOne B73.3.1 IRS Form 1099 Processing (1998) PeopleBook June 1999 J.D. Edwards World Source Company One Technology Way Denver, CO 80237 Portions of this document were reproduced from material
More informationNew Jersey Commerce and Economic Growth Commission
New Jersey State Legislature Office of Legislative Services Office of the State Auditor New Jersey Commerce and Economic Growth Commission Fiscal Year 2004 Richard L. Fair State Auditor LEGISLATIVE SERVICES
More informationInstructions: Lines 1 through 21, on pages 1 and 2
Instructions: Lines 1 through 21, on pages 1 and 2 This form is to be used by individuals who receive income reported on Federal Forms W-2, W- 2G, Form 5754, 1099-MISC, and/or Federal Schedules C, E, F
More informationPrepared by the Disbursing Office This replaces Administrative Procedure No. A8.868 dated December 1993 A8.868 July 1996
Prepared by the Disbursing Office This replaces Administrative Procedure No. A8.868 dated December 1993 A8.868 July 1996 A8.868 Disbursing/Accounts Payable and Payroll p 1 of 53 A8.868 Reporting and Withholding
More informationAgenda. IRS Payroll Tax Audit Initiatives. Auditor of State David Yost 2011 Local Government Official s Conference Employment Tax Update
Auditor of State David Yost 2011 Local Government Official s Conference Employment Tax Update April 7, 2011 Janice M. Zajac, CPA, MBA, MB Agenda IRS Payroll Tax Audit Initiatives Independent Contractors
More informationPurchasing Card Program
Purchasing Card Program User Guidelines University of North Alabama Procurement Department Created: March 2008 / Updated 7/16/2015 University of North Alabama Purchasing Card Program 1 Table of Contents
More informationACCOUNTS PAYABLE VENDOR NUMBER GUIDE FOR DEPARTMENTS
ACCOUNTS PAYABLE VENDOR NUMBER GUIDE FOR DEPARTMENTS W-9 AND W-8BEN FORMS TAXPAYER ID NUMBER (TIN), FEDERAL EMPLOYER ID NUMBER (FEIN), AND EMPLOYER S ID NUMBER (EIN) HOW TO FIND A VENDOR S ID NUMBER IN
More informationArmy Commercial Vendor Services Offices in Iraq Noncompliant with Internal Revenue Service Reporting Requirements
Report No. D-2011-059 April 8, 2011 Army Commercial Vendor Services Offices in Iraq Noncompliant with Internal Revenue Service Reporting Requirements Additional Information and Copies To obtain additional
More informationMutual Fund Tax Guide
2010 Mutual Fund Tax Guide TABLE OF CONTENTS Part 1 - Tax Items of Interest... 2-6 Part 2 - Tax Forms... 7-14 Form 1099-DIV...7 Form 1099-B...8 Form 1099-R...9 Form 1099-Q...10 Form 1099-INT...11 Form
More informationTREASURY INSPECTOR GENERAL FOR TAX ADMINISTRATION
TREASURY INSPECTOR GENERAL FOR TAX ADMINISTRATION Millions of Dollars in Potentially Improper Self-Employed Retirement Plan Deductions Are Allowed March 20, 2014 Reference Number: 2014-10-008 This report
More information2014 Business Tax Organizer. Limited Liability Companies, S Corporations, C Corporations & Sole Proprietors
2014 Business Tax Organizer Limited Liability Companies, S Corporations, C Corporations & Sole Proprietors 1553 W. Todd Dr., Suite 112 Tempe, AZ 85283 (480) 517-0988 January 2015 Good Afternoon! We have
More informationat Disney s Yacht and Beach Club Resort and Conference Center, Lake Buena Vista, Florida Presented By: IRSCompliance.org and 1099 Pro, Inc.
at Disney s Yacht and Beach Club Resort and Conference Center, Lake Buena Vista, Florida Presented By: IRSCompliance.org and 1099 Pro, Inc. Sunday, July 6 9:00 9:50 AM Split General Sessions New to the
More informationIRS FORM 1099 REPORTING REQUIREMENTS
IRS FORM 1099 REPORTING REQUIREMENTS The Internal Revenue Service (IRS) requires businesses (including not-for-profit organizations) to issue a Form 1099 to any individual or unincorporated business paid
More informationVEST & MESSERLY, P.A.
VEST & MESSERLY, P.A. Minnesota Probate Attorneys Experienced. Trusted. Local. 763-566-3720 A Guide to Minnesota Probate When a loved one passes away, family and friends are called upon to make important
More informationArizona Form 2007 Exempt Organization Business Income Tax Return 99T
Arizona Form 2007 Exempt Organization Business Income Tax Return 99T Obtain additional information or assistance, tax forms and instructions, and copies of tax rulings and tax procedures by contacting
More informationForm 1099 Miscellaneous The Good, The Bad, and The Ugly
Form 1099 Miscellaneous The Good, The Bad, and The Ugly Complimentary Guidance from The Tax Office, Inc., on What Can Happen If You Do Not File Your 1099-Misc Forms Table of Contents What is a Form 1099
More informationSCOPE OF WORK FOR PERFORMING INTERNAL CONTROL AND STATUTORY/REGULATORY COMPLIANCE AUDITS FOR RECIPIENTS OF SPECIAL MUNICIPAL AID
SCOPE OF WORK FOR PERFORMING INTERNAL CONTROL AND STATUTORY/REGULATORY COMPLIANCE AUDITS FOR RECIPIENTS OF SPECIAL MUNICIPAL AID State of New Jersey Department of Community Affairs Division of Local Government
More informationMICROSOFT DYNAMICS GP YEAR-END CLOSING PROCEDURES USERS GROUP MEETING
MICROSOFT DYNAMICS GP YEAR-END CLOSING PROCEDURES MICROSOFT DYNAMICS GP USERS GROUP MEETING December 2012 Contents TIPS FOR A SUCCESSFUL YEAR-END... 4 INVENTORY... 6 What the Inventory Year-End Close Process
More informationGuide to Taxation of Employee Disability Benefits
Guide to Taxation of Employee Disability Benefits STANDARD INSURANCE COMPANY Guide to Taxation of Employee Disability Benefits Standard Insurance Company (The Standard) developed this guide to help you
More informationSubsequent Injury Fund
Audit Report Subsequent Injury Fund September 2011 OFFICE OF LEGISLATIVE AUDITS DEPARTMENT OF LEGISLATIVE SERVICES MARYLAND GENERAL ASSEMBLY This report and any related follow-up correspondence are available
More informationPerformance Audit Report. Department of Human Resources The Maryland Energy Assistance Program and the Electric Universal Service Program
Performance Audit Report Department of Human Resources The Maryland Energy Assistance Program and the Electric Universal Service Program Accounting Records Cannot Be Relied Upon to Provide Accurate Expenditure
More informationHow To Manage A Corporation
Western Climate Initiative, Inc. Accounting Policies and Procedures Adopted May 8, 2013 WESTERN CLIMATE INITIATIVE, INC ACCOUNTING POLICIES AND PROCEDURES Adopted May 8, 2013 Table of Contents I. Introduction...
More informationKPMG LLP Suite 12000 1801 K Street, NW Washington, DC 20006 Independent Auditors Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements
More informationArizona State Real Estate Department
A REPORT TO THE ARIZONA LEGISLATURE Financial Audit Division Procedural Review Arizona State Real Estate Department As of May 16, 2006 Debra K. Davenport Auditor General The Auditor General is appointed
More informationCOMPANY INFORMATION. Address: City: County: State: Zip:
MEMBER BUSINESS LOAN APPLICATION TYPE OF LOAN/LEASE: Business Vehicle (Fleet) Loan Equipment Financing Line of Credit SBA Loan Working Capital Loan Commercial Mortgage Amount Requested: Purpose/Use of
More informationVendor & Supplier Guide
Vendor & Supplier Guide IRS & FTB Withholding Guidelines for Foreign Payees California Institute of Technology Payment Services Department 1200 E. California Blvd., Suite 101, MC 103-6, Pasadena, CA 91125
More informationOffice of the County Auditor Evan A. Lukic, CPA County Auditor
Exhibit 1 B FLO R I DA Review of Hourly Labor Rates - Craven, Thompson and Associates, Inc. Consultant Services Contract for North County Neighborhood Improvement Project Northeast Quadrant February 6,
More informationTrust Estate Settlement Process
Trust Estate Settlement Process Settlement of a trust estate involves the process necessary to transfer asset ownership from the deceased person s trust to the parties entitled to receive the assets, according
More informationThe Small Business Guide To Employment Taxes
The Small Business Guide To Employment Taxes Roanoke Regional Small Business Development Center 210 S. Jefferson Street Roanoke, VA 24011 www.roanokesmallbusiness.org Roanoke Small Business Development
More informationUS FATCA FAQ and Glossary of FATCA terms
US FATCA FAQ and Glossary of FATCA terms These FAQs are intended to aid you in your understanding how FATCA affects your relationship with UBS. This is not intended as tax advice. If you are uncertain
More informationIf so, the Internal Revenue Code requires that you include the value of these benefits in the employees Forms W-2.
November 3, 2014 RE: Taxable Fringe Benefits and Year-end Tax Planning Dear Client: Does your Company: 1. Provide vehicles to employees who use them for personal purposes as well as for business travel?
More informationMinnesota Board of Accountancy Phone: 651-296-7938 85 East 7 th Place, Suite 125 Fax: 651-282-2644
Minnesota Board of Accountancy Phone: 651-296-7938 85 East 7 th Place, Suite 125 Fax: 651-282-2644 Saint Paul, Minnesota 55101-2143 www.boa.state.mn.us 2015 Sole Proprietor Firm Permit Renewal Instructions
More informationGENERAL SERVICES ADMINISTRATION OFFICE OF INSPECTOR GENERAL
GENERAL SERVICES ADMINISTRATION OFFICE OF INSPECTOR GENERAL REVIEW OF FEDERAL SUPPLY SERVICE TRAVEL AND TRANSPORTATION MANAGEMENT DIVISION S FREIGHT MANAGEMENT PROGRAM REPORT NUMBER A060153/F/7/V07004
More informationADAM H. PUTNAM COMMISSIONER
FLORIDA DEPARTMENT OF AGRICULTURE AND CONSUMER SERVICES ADAM H. PUTNAM COMMISSIONER SOLICITATION OF CONTRIBUTIONS REGISTRATION APPLICATION Chapter 496, Florida Statutes 5J7.004 Florida Department of Agriculture
More informationREPORT NO. 2014-022 OCTOBER 2013 SEMINOLE STATE COLLEGE OF FLORIDA. Operational Audit
REPORT NO. 2014-022 OCTOBER 2013 SEMINOLE STATE COLLEGE OF FLORIDA Operational Audit BOARD OF TRUSTEES AND PRESIDENT Members of the Board of Trustees and President who served during the 2012-13 fiscal
More informationMANAGEMENT AUDIT REPORT ACCOUNTS PAYABLE
MANAGEMENT AUDIT REPORT OF ACCOUNTS PAYABLE REPORT NO. 04-108 CITY OF ALBUQUERQUE OFFICE OF INTERNAL AUDIT AND INVESTIGATIONS of Accounts Payable Report No. 04-108 Executive Summary Background The Department
More informationPARTNERSHIPS AND S CORPORATIONS. IRS Needs to Improve Information to Address Tax Noncompliance
United States Government Accountability Office Report to the Chairman, Committee on Finance, U.S. Senate May 2014 PARTNERSHIPS AND S CORPORATIONS IRS Needs to Improve Information to Address Tax Noncompliance
More informationFINANCIAL MANAGEMENT POLICIES AND PROCEDURES
FINANCIAL MANAGEMENT POLICIES AND PROCEDURES 1. GENERAL PURPOSE The purpose of these policies is to establish guidelines for developing financial goals and objectives, making financial decisions, reporting
More informationArchitect and Engineering Consultant Negotiations and Contracting Recommendations
Exhibit 1 Architect and Engineering Consultant Negotiations and Contracting Recommendations March 5, 2015 Report No. 15-8 Office of the County Auditor Evan A. Lukic, CPA County Auditor Table of Contents
More informationASPIRE CHARTER ACADEMY, INC. A Charter School and Component Unit of the District School Board of Orange County, Florida
Financial Statements with Independent Auditors Reports Thereon June 30, 2015 CONTENTS Page Management s Discussion and Analysis 1 6 Report of Independent Auditors on Basic Financial Statements and Supplementary
More informationFinancial Management
September 27, 2006 Financial Management Report on Civilian Payroll and Withholding Data for FY 2006 (D-2006-119) Department of Defense Office of Inspector General Constitution of the United States A Regular
More informationEmployee vs. Independent Contractor: Protecting Your Company
Attorney Stephen A. DiTullio DeWitt Ross & Stevens S.C. 2 E. Mifflin Street, Suite 600 Madison, WI 53703 (608) 252 9362 sad@dewittross.com 1 Background Facts & Statistics 60% of all businesses use independent
More informationAUDITOR GENERAL WILLIAM O. MONROE, CPA
AUDITOR GENERAL WILLIAM O. MONROE, CPA CITY OF WEEKI WACHEE, FLORIDA Follow-up on Operational Audit Report No. 2005-178 SUMMARY This report provides the results of our follow-up procedures for each of
More informationNorth Carolina Department of State Treasurer
RICHARD H. MOORE TREASURER North Carolina Department of State Treasurer State and Local Government Finance Division and the Local Government Commission T. Vance Holloman DEPUTY TREASURER Memorandum #1079
More information1 ORIGINAL IRA OWNER S INFORMATION
LEGG MASON FUNDS 1 NON-SPOUSE, TRUST, ESTATE OR ENTITY BENEFICIARY IRA INHERITANCE REQUEST FORM If you have any questions, please call Shareholder Services at 1-800-822-5544 Monday through Friday, 8:00
More information815 CMR 9.00: DEBT COLLECTION AND INTERCEPT. Section
815 CMR 9.00: DEBT COLLECTION AND INTERCEPT Section 9.01: Purpose, Application and Authority 9.02: Definitions 9.03: Billing Entity Requirements for Collection of Debts 9.04: Simultaneous Submission of
More informationGENERAL INSTRUCTIONS FOR COMPLETING YOUR RETURN
GENERAL INSTRUCTIONS FOR COMPLETING YOUR RETURN PITTSBURGH CITY & SCHOOL DISTRICT The City of Pittsburgh Earned Income Tax is levied at the rate of 1% under ACT 511. The Pittsburgh School District Earned
More informationEnterprise Technology Services Division - Payroll Processing Review
Enterprise Technology Services Division - Payroll Processing Review August 12, 2009 Report No. 09-15 Evan A. Lukic, CPA County Auditor Table of Contents Topic Page Executive Summary... 1 Purpose and Scope...
More informationPayroll Quick Reference Guide New Hire Reporting Information, including FAQ s New Hire Forms and Instructions 1099 and W-2 Filing Requirements
January 25, 2016 PAYROLL TAX AND 1099 REQUIREMENTS AND RESOURCES Enclosed are some materials that you may find useful in compiling and/or summarizing your information for this year as well as the coming
More information