Payee

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Payee

A person receiving payment through any form of money transfer method.

Payee

The person or institution that receives a payment. For example, if Joe writes Bob a check for $10, Bob is the payee. He receives the check and may deposit the $10 at his bank or he may elect to take cash from either his bank or Joe's. One may be a payee on a check, wire transfer, or in any other method of sending money from one party to another.
References in periodicals archive ?
6050W payments if a payee has not furnished a correct TIN to a PSE.
Guided by a CPA adviser, the alternate payee can elect the form in which to receive benefits, generally under either a "shared payment" or "separate interest" approach.
In some cases, payees may find more than one exception potentially available to them.
This unique tool addresses long-standing pain points such as payee enrollment and data maintenance by taking an analytical approach to payee segmentation, targeting and subsequent enrollment.
CrissCross' expanded representative payee program includes:
However, it is fair to say that the new, much more lengthy, Form W-8BEN-E will represent a complex challenge for many foreign payees to complete, and CPAs should expect many more requests for assistance from clients.
In addition to the undue compliance burden it would impose on already compliant payers and on payees who have already demonstrated an extraordinarily high level of compliance, (6) we do not believe that the IRS, even with a significant increase in its resources, will be in a position to effectively collect and process information on the dramatically increased volume of reportable transactions.
Because section 267 is triggered when payers and payees use different accounting methods, it is important that CPAs consider whether a corporate client will be able to properly claim a deduction when transferring a note to a related payee.
PBIP confirms all transactions by email, with details and costs stated in dollars; payees can be notified by email as well.
A payment made by a bill payer under a bill-payment service available to a consumer via computer or other electronic means, unless the terms of the bill-payment service explicitly state that all payments, or all payments to a particular payee or payees, will be solely by check, draft, or similar paper instrument drawn on the consumer's account, and the payee or payees that will be paid in this manner are identified to the consumer.
Filing Forms 1099 with the IRS and Mailing Statements to Payees
In addition to spending upward of 41 hours per week shouldering the responsibility of the day-to-day tasks of care recipients, more than 80 percent of caregivers also serve as representative payees, which is the person accepting the responsibility of managing monthly benefit income and financial management tasks.