Transcript The End Times - Roman Catholic Diocese of Des Moines

Diocese of Des Moines
Christie Rice
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Miscellaneous Income
◦ Report payments ≥ $600: (Checks dated Jan 1- Dec
31)
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Rents
Services, including incidental parts/materials
Prizes & Awards
Other Income payments
Health Care payments
Gross proceeds paid to attorneys
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All vendors except corporations
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All attorneys, even if corporations
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LLCs: Unless noted differently on the W-9…
 Single person: defaults to sole proprietor
 Multiple persons: defaults to partnership
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Not current employees unless a completely
different job is done as a true independent
contractor!
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Vendors complete and give to you:
◦ Name and address
◦ Tax classification
◦ Tax identification number
◦ Signature Certification
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Check to be sure completely filled out.
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Obtain before paying vendor.
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File in a secured location.
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Consider updating periodically.
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Box 1: Rents –office space (no agent); rentals
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Box 3: Other Income
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Box 6: Medical and Health Care Payments to
providers of healthcare services
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Box 7: Nonemployee Compensation (most)
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Box 14: Gross Proceeds paid to an attorney (if
not reportable in box 7)
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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
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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
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Due to IRS March 2 (with related paper forms)
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1099-Misc: Copy A for IRS
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1099-Misc: Copy B for the recipient
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1099-Misc: Copy C for the payer (parish or
school)
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1096 Transmittal
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IRS/Federal Office in Des Moines
◦ 1-800-829-3676 (M-F; 7 AM – 7 PM) -6 part carbonless
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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
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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.
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Go to Vendor>>Vendor Audit
Look for vendors with possible service
payments ≥ $600.
Exclude corporations unless payments
to lawyers/law firms.
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Reports>>Vendors>>1099-Misc