Contractors

The Contractors area of the Data Entry section allows you to enter the informatives' data for contractorsThe contractor is the individual or company who receives the payment. before creating the 480s on the Print Preview section. Informative Returns or 480s must be prepared when payments are made to contractors for professional services and other reasons.  

PRPay includes the informative returns 480.30, 480.6A, 480.6B, 480.6C, 480.6D, 480.7, 480.7A, 480.7B, 480.7C,  480.7D, 480.6B.1, and 480.5. In addition, PRPay allows you to have several contractors for every company and prepare several types of Informative Returns for them.

1. On the Data Entry menu, click Contractors to view or enter all the necessary information to create informative returns.

The Contractors window will appear displaying the contractors for the company selected.

2. Select a company from the Company drop-down menu.

PRPay allows you to prepare several types of Informative Returns for every company.

This screen displays the following information according to the informative tab selected.  

• Contractor
• 480.6A – Income Not Subject to Withholding
• 480.6B – Income Subject to Withholding or Prepayment
• 480.6B.1 - Annual Reconciliation Statement of Income Subject to Withholding or Prepayment
• 480.6C - Income Subject to Withholding or Prepayment - Nonresidents
• 480.6D - Exempt Income
• 480.30 - Nonresident Annual Return for Income Tax Withheld at Source
• 480.7 – Individual Retirement Account
• 480.7A – Mortgage Interest 
• 480.7B – Educational Contribution Account
• 480.7C - Retirement Plans and Annuities
• 480.7D - Automobile Lease Payments

To prepare a particular informative, click the corresponding tab and fill it out with the required information.

3. Click a contractor to view his information on the bottom part of the window or perform a search if the list is too long. This the easiest way to switch from one contractor to another.

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