"In this world, nothing can be said to be certain, except death and taxes." Benjamin Franklin
Today, let’s talk about taxes. Nobody wants to pay them (at least, I don’t think anybody wants to) but we HAVE to pay taxes. It’s the law, folks. At PlanNet Marketing – we follow the law.
PlanNet Marketing U.S. Reps are required to provide their Social Security Number, Federal Employer Identification Number, or their Government Issued ID Number for tax purposes. Every year, PlanNet Marketing will provide an IRS Form 1099 MISC (Non-employee Compensation) earnings statement to each U.S. resident earning $600 or more, as required by the Internal Revenue Service. Each Rep is responsible for paying local, state and federal taxes on any income generated as an Independent Representative (IR). Reps who don’t live in the U.S. are required to submit a Form W-8 BEN, which is basically a notice of tax waiver – this form declares that the Rep is not liable to pay any taxes to the United States Government/IRS. Non-U.S. Reps are responsible for reporting their earnings as necessary and paying any applicable taxes in their own country and/or region.
Any U.S. Rep who does not provide a valid Social Security number is subject to the federal backup withholding laws, and 28% of their commissions and bonus will be withheld and submitted to the IRS.
If you haven’t provided your tax information, or if you don’t know if you have, visit your Virtual Office (Go to My Account, Edit Account Profile and enter info in the Taxpayer Identification section) or call our Support Team at 470-443-9330.
-- Policies and Procedures Section 5.6 and 5.7, located in your Virtual Office in the Information Center (go to Resources, then Policies and Procedures).
Amanda Restivo, Vice President, Compliance, PlanNet Marketing, Inc.
arestivo@plannetmarketing.com
Set your reminder for every Friday to take a few minutes to read the newest PlanNetNow! Don’t miss the latest announcements, recognitions, and the motivation this important communication provides. See you next Friday!
