Why are individuals (or entities) in Schedule 1 who have the same name treated as one individual for purposes of reporting transactions?
A. Entities with the same name downloaded into Schedule 1 are not treated as a single entity; the software does not aggregate data. Q. Why, in Schedule 12, which only requires reporting for employees who were paid more than $10,000, does the software process all records, including those with amounts of less than $10,000 (including amounts of $0)? A. Schedule 12 was not designed to aggregate data concerning employees whose annual salary is $10,000 or less, and who thus need not be individually reported. In fact, if a reporting labor organization chooses to provide itemized data for employees compensated below the $10,000 threshold, the information will be accepted. Q. Can the field lengths be extended? They were too short in the beta software for the length of actual data. A. Field lengths have been doubled, thus requiring fewer abbreviations.
Related Questions
- Why are individuals (or entities) in Schedule 1 who have the same name treated as one individual for purposes of reporting transactions?
- Are Subchapter S shareholders and self employed individuals treated differently for tax purposes?
- How do the Schedule RT requirements affect transactions involving disregarded entities?
