IRS Payer Setup
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Overview of IRS07
With regard to the IRS, the Payer is the organization that paid the interest to the payees. At least one Payer must be set up in order to generate reports from the IRS Reporting System.
- From the DDI Connect main menu, double-click IRS Reporting System
- Double-click Setup
- Double-click Payer Setup. You will see a screen similar to this one:
To add a new Payer record, click the New button on the toolbar. The fields will now enable for editing:
You have the following fields available:
| Field | Description |
|---|---|
| Tax ID | Enter the Tax ID for the payer. This is a required field |
| Combined filer? | If your organization participates in the Combined Federal/State Filing Program, select this box. If not, leave it unchecked. To see if your state participates in the Combined Federal/State Filing Program, please reference this site: http://www.1099fire.com/learning_center/combined/which_states.htm |
| Name 1 | Your organization's name |
| Filed last year? (Last Filing Indicator) | Enter a "1" (one) if this is the last year this payer name and TIN will file information returns electronically, magnetically or on paper; otherwise, enter a blank. |
| Name 2 | If your organization is a transfer agent, then Name 2 should be the transfer agent's name |
| Transfer agent? | If your organization is a transfer agent (submitting payer files for other organizations), select this box |
| Address | Your organization's address |
| City | Enter your city |
| State | Type the abbreviation for your state or click the list icon to select from a list of states |
| Zip | Enter your ZIP code |
| Contact phone | Enter the phone number for the contact person |
| Control name | For organizations, a four character identifier usually made up of the first four characters of the name of the organization (not counting A or The, etc.). This is a required field by the IRS for any record submitted to them for tax reporting purposes |
When you have entered the information, click Save. Please note that organizations can have multiple payers configured, depending on their filing status and other factors.
