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HENCE, ELEMENTARY SCHOOL DISTRICT BOARD AGENDA ITEM: ACCEPTANCE OF PROPOSED POLICY DOCUMENTS FOR A SECOND READING AND CONSIDERATION TO APPROVE BOARD MEETING DATE: October 25, 2010, FROM: Jerry Vandenberg,
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98 and 99 policy refers to specific tax forms (Form 1098 and Form 1099) that report various types of income or payments made throughout the year.
Individuals, businesses, and organizations that make certain types of payments are required to file Form 1099. Lenders or financial institutions are required to file Form 1098.
To fill out Form 1098 or Form 1099, you will need to provide the payer's information, recipient's information, payment details, and other relevant information as specified in the form instructions.
The purpose of Form 1098 and Form 1099 is to report income or payments to the IRS and to the recipients so they can accurately report their income on their tax returns.
Information such as the payer's and recipient's names, addresses, tax identification numbers, payment amounts, and payment type must be reported on Form 1098 and Form 1099.
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