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The person receiving a payment or financial reimbursement either in written form or electronically through funds transfer.
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If instead of depositing the check, the payee endorses the check to a third party and such third party in turn deposits the check to his bank account, such act by the third party now constitutes a second-endorsement.
Social Security appoints a representative payee to manage Social Security and SSI funds only.
Considerations of "equality and fairness" mean that the payer and payee should not be subject to the "radical different treatment" or "one-way street" that the authorities had created.
With Tokenized Payments, clients can choose from multiple input channels to instruct BNY Mellon to make a payment that includes the payee's email address or mobile number and payment details without needing to collect, store, and maintain payee banking account information.
'Since we have clarified this earlier, we are reminding our pensioners that the P1,000 additional benefit for the three-month period for pensioners of death with multiple payees will be shared equally among them,' Dooc said.
The SSA now has about 6 million representative payees collecting benefits on behalf of about 8 million beneficiaries, and it has only limited ability to police the program, Gale Stallworth Stone testified at a recent hearing on the payee program in Washington.
This occurs because participating payees may, for example, report card payments on a net basis in their income tax returns while PSEs report gross payments on Forms 1099-K.
The pattern of the number of consultant payees across the weeks of the campaign is different than the distribution of campaign expenditures to them.
While the employer assumes the risk of having sufficient funds available to pay employees their promised benefit under defined benefit plans, defined contribution plans shift this risk to plan participants--and, thus, to alternate payees.
Still others (e.g., those making a high volume of chapter 3 withholdable payments) may decide that, since they will be collecting Forms W-8BEN-E from foreign payees in any case, the incremental cost of requesting FATCA information upfront is worth incurring to avoid the back-end risk of a compliance failure.
To determine whether a P2P method meets the needs of consumers, it is useful to evaluate the method in terms of the characteristics important to payers and payees. Among these characteristics, two of the most important have always been cost and convenience.
Information reporting is a powerful tool for encouraging voluntary compliance by payees and helping IRS detect underreported income.