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 ?
Banks should examine thoroughly dividend checks with particular attention to the payee's endorsement."
As a representative payee, you must know what the beneficiary's needs are so you can decide the best use of benefits for their care and well-being.
A payee will still be able to commence a "smash and grab" adjudication to obtain a quick (and relatively cheap) decision which the payer will have to comply with until the conclusion of any "true value" dispute, which will not always be capable of being commenced immediately, particularly where the account is complex.
One recommendation Stone gave is for the SSA to make its service for representative payees less responsive.
Forms 1099-K are due to participating payees by Jan.
In the first version, the weekly number of each candidate's party-connected and unconnected consulting firm payees serves as the two major explanatory variables to assess the hypotheses.
Defined contribution plans usually allow lump-sum benefit payments to alternate payees, but some also provide for a stream of payments over the payee's lifetime after retirement.
Given the relatively high volume of potential payments excluded from the OCB exception for a withholding agent in those latter industries--as well as the requirement that the agent must collect Forms W-8BEN-E in any case (for purposes of chapter 3 withholding)--it may be easier from a systems perspective to require all foreign payees to provide FATCA information upfront, rather than face the prospect of tracking down Forms W-8BEN-E if and when excluded interest arises.
The last characteristic useful in comparing P2P payment methods is their potential for universality--their ability to gain widespread acceptance among consumers in their roles both as payers and as payees. Most new payment methods face the chicken-and-egg problem that people on one side of the transaction will not want to use the method until enough people on the other side of the transaction have decided to accept it.
"First you issue a 1099 to the payee. Then you receive corrections, if any, from the payee.
Administrators also are required to furnish notice to participants and alternate payees of the receipt of a domestic relations order and to furnish a copy of the plan's procedures for determining the qualified status of such orders.
The sources indicated that the government has fixed the priorities to promote the mutual cooperation and confidence between the tax realizing institutions and the tax payees in order to achieve the taxes realization targets and to promote the tax culture in the country including AJK.