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Alabama Form 1099-K: What You Should Know
K Form W-2 shows payments and withholding related to wages, including Federal Insurance Contributions Act (FICA) withholding. See Publication 515, Withholding and Estimated Tax, for more information on forms 1099, W-2, 1042-S, 1098-T, and FICA. The Payment Settlement Entity is a legal entity that settles or holds itself out as accepting payment to settle a tax payment dispute or resolve an administrative tax dispute for which an individual has no legal representative and that settles all payments. A payment agreement between the payee and the IRS can provide the right of tax preparation and refund. As a result, payment settlement entities typically receive payment from individuals, trusts, and businesses. The payment representation may be a corporation, or a partnership, or a sole proprietorship. Payment settlement entities typically must be treated as joint employers of the employee. For additional information and additional forms, see Publication 15 of the U.S. Tax Code. See also Publication 15-B, Publication 16-B, and Publication 1, Tax Guide for Small Business, and Publication 925, Payment-Related Issues for Small Business. Banking Information for Taxpayers The Alabama Department of Revenue (FOR) encourages taxpayers to contact their local banks for any questions regarding their tax payments. Payment settlement entities do not report transactions they engage in for or on behalf of their payees. For more information on Payment-Settlement Entities for Form 1099-MISC, click here. Reporting payments and other information for the Alabama Department of Revenue, Tax Division. Tax Division, 100 Montgomery Street, 9th Floor, Mobile, AL 36602. Telephone:. Fax:. Internet:. Online tax filing: Taxpayer education materials: Alabama does not have any specific state program to offer free or low-cost tax preparation assistance for taxpayers with low or limited incomes. As a result, taxpayers are required to find an individual or business that can help them prepare their tax returns. However, IRS tax forms provide all this information. If you need assistance preparing your return, you have several options.
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