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 ?
This includes taking steps to prevent the fraud from happening in the first place, and confirmation of payee is an important part of this.
Due to a recent change in the law, we no longer require the following payees to complete an annual Representative Payee Report:
Accordingly whilst is true that this judgment is likely to have a significant impact on the number of adjudications that payee's commence on a "smash and grab basis", it does not render such an approach entirely redundant as it will still be a useful tool in some circumstances.
The funds that have been awarded to the nonparticipant spouse (the alternate payee) are transferred into a tax-deferred retirement account, such as an IRA, set up by the alternate payee in accordance with the terms of the QDRO.
The Tokenized Payments service eliminates the need for clients to store or process payees' bank account information, and provides a fast, secure, convenient and digital consumer experience.
For income tax purposes, alimony is deductible by the payor and includible in the gross income of the payee. However, simply labeling a payment as "alimony" does not mean it will be treated that way for tax purposes.
Beside this, in majority cases due to the extreme corruption of court-clerks, the claimant or advocate of payee becomes failed in taking the next dates within a short time from the Pashkar of respective courts.
Late filing of Forms 1042-S also can result in a penalty of $250 per form, up to a maximum of $3,000,000 per year, or $50 per form if the form is not correctly filed within 30 days after the required filing date, up to a maximum of $536,000 ($187,500 for small businesses) per year [IRC sections 6721(a) and (b); Form 1042-S Instructions], A withholding agent can cure its noncompliance after the fact by obtaining a Form W-8 or other documentation from the payee, but the withholding agent may still be subject to penalties and interest ("U.S.
'Since we have clarified this earlier, we are reminding our pensioners that the P1,000 additional benefit for the three-month period for pensioners of death with multiple payees will be shared equally among them,' Dooc said.
Stone gave many examples of payee abuse, including one involving a woman in Philadelphia who held people with mental disabilities in her basement and collected their Social Security benefits for years.
It is worth mentioning here that a suicide bomber blew himself up, killing 23 persons with dozens other injured during Friday prayer in mosque situated in Payee Khan Village of Tehsil Ambar, Mohmand Agency on Friday, last.
GHALANI -- The Khyber Pakhtunkhwa Governor, Engineer Iqbal Zafar Jhagra, while addressing a big tribal Jirga at village Payee Khan in Anbar Tehsil of Mohamand Agency on Saturday, has expressed the determination to follow the extremists involved in heinous acts of terrorism to their last abodes.