Common use of Other Information Returns Clause in Contracts

Other Information Returns. Form 1099. In accordance with federal regulations, the Foundation is required to file Annual Information Returns (Form 1099) to the IRS on or before February 28th of the year following the close of the calendar year with regard to amounts paid to third-party individuals / unincorporated independent contractors, where the amounts are at or above the IRS defined threshold. It is also a requirement that the recipients of the qualified payment be mailed copies of Form 1099 for their tax reporting purposes no later than January 31st following the close of the calendar year. If the recipients of the payments are also subject to backup withholding rules, the Foundation is required to file Form 945-Annual Return of Withheld Federal Income Tax for any withholding taxes that are required to be withheld from the recipient’s payments.