Compliance Tip of the Week

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 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 (Non­employee Compensation) earnings statement to each U.S. resident 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). If a PlanNet Marketing business is tax exempt, the Federal Tax Identification Number must be provided to PlanNet Marketing. Any Rep who does not provide a valid Social Security number is subject to the federal backup withholding laws and 28% of their commissions and bonuses 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 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, Manager of Compliance --