All the information recorded on this tab will affect the output of the Tax Forms 1099, 1042’s and 592b’s, and electronic submission of the data to the IRS.
Company Name Information: Enter the Parent company name, address and contacts.
Tax Vendor Indicator: There are two choices in this dropdown box: In House or Vendor. If your 1099’s are done ‘In House’ or in other words, by the tracks’ HB or Accounting office, then select ‘In House’. If ‘In House’ is chosen, the Vendor section can be ignored.
If 1099’s are prepared by a third party contractor, choose ‘Vendor’, and complete the following Vendor name and address fields.
Federal ID: Enter the Federal ID number issued to the company listed in the ‘Company Name’ field.
Transmitter No: Enter the IRS Tax Transmitter number issued to the company listed in the ‘Company Name’ field. This number is assigned by the IRS when a company sends a request to be authorized to submit returns on magnetic media.
State/Payer Number: If appropriate, enter the State or Payer Tax Transmitter number issued to the company listed in the ‘Company Name’ field.
Report < $600 to IRS Checkbox: Companies are only required to report accounts with taxable earnings over $600 to the IRS. If your company wishes to report accounts with less then this amount, place a mark in this checkbox.
Jockey, Trainer, Owner 1099 Boxes: Enter the box number from the IRS 1099 form, where Jockey income should be recorded.
Box 3 – Other Income is not subject to Social Security
Box 7 – Nonemployee Compensation is subject
to Social Security and Medicare tax
Please consult with your Tax Attorney or CPA for advice on which box to
use.
1099 Start Date-Owner (MM/DD): Enter the month and day the system should use as the beginning date for the purposes of calculating a horsemen’s income. The most common start date is 01/01. However, if this facility runs on December 31, and the transactions are held for two days before they are released, 12/31 could be the Start date.
1099 End Date-Owner (MM/DD): Enter the month and day the system should use as the ending date for the purposes of calculating a horsemen’s income. The most common end date is 12/31. However, if this facility runs on December 31, and the transactions are held for two days before they are released, 12/30 could be the End date.
1099 Included Facilities: If one set of 1099’s are to be printed for multiple facilities, enter the track code of the facilities to be included.
Prompt for Jockey 1099 dates: If jockey income had a different date range from owners, place a mark in this checkbox for the system to display date range fields.
1099 File Name: Enter the name of the electronic file.
1042 Income Code: Select the Income Code from the 1042 instructions that pertains to your track.
1042 Exception Code: Select the Exception Code from the 1042 instructions that pertains to your track.