Diocese of Des Moines Christie Rice.  Miscellaneous Income ◦ Report payments ≥ $600: (Checks dated Jan 1- Dec 31)  Rents  Services, including incidental.

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Presentation transcript:

Diocese of Des Moines Christie Rice

 Miscellaneous Income ◦ Report payments ≥ $600: (Checks dated Jan 1- Dec 31)  Rents  Services, including incidental parts/materials  Prizes & Awards  Other Income payments  Health Care payments  Gross proceeds paid to attorneys

 All vendors except corporations  All attorneys, even if corporations  LLCs: Unless noted differently on the W-9…  Single person: defaults to sole proprietor  Multiple persons: defaults to partnership  Not current employees unless a completely different job is done as a true independent contractor!

 Vendors complete and give to you: ◦ Name and address ◦ Tax classification ◦ Tax identification number ◦ Signature Certification

 Check to be sure completely filled out.  Obtain before paying vendor.  File in a secured location.  Consider updating periodically.

 Box 1: Rents –office space (no agent); rentals  Box 3: Other Income  Box 6: Medical and Health Care Payments to providers of healthcare services  Box 7: Nonemployee Compensation (most)  Box 14: Gross Proceeds paid to an attorney (if not reportable in box 7)

 Due to recipient February 2 since January 31 is a Saturday.  Due to IRS March 2 since February 28 is a Saturday (paper); March 31 (if E-filed; E-file required if ≥ 250 forms)  Penalties: $30 - $100 per return

 Annual Summary and Transmittal of U.S. Information Returns ◦ Send one 1096 for each form number (e.g., one for 1099-Misc, one for W-2G, etc.) ◦ Not required for E-filing  Due to IRS March 2 (with related paper forms)

 1099-Misc: Copy A for IRS  1099-Misc: Copy B for the recipient  1099-Misc: Copy C for the payer (parish or school)  1096 Transmittal

 IRS/Federal Office in Des Moines ◦ (M-F; 7 AM – 7 PM) -6 part carbonless  ParishSoft or Office supply store like Staples: ◦ Forms must be IRS approved. ◦ 4-up pre-perforated blank paper (Copies B and C) ◦ 2-up pre-printed (Copy A;do not separate) ◦ 1096 transmittal pre-printed

 Contact: ◦ ParishSoft ◦ Online vendor

 Record a vendor’s invoices/payments as 1099 transactions in the “vendor Information” window.  Do this at any time during the calendar year. The system will include any payments made to date as 1099 information.  Non-service payments can be removed later from 1099 information.

 Go to Vendor>>Vendor Audit  Look for vendors with possible service payments ≥ $600.  Exclude corporations unless payments to lawyers/law firms.

 Reports>>Vendors>>1099-Misc