2011 Tax Forms Available Monday
It's that time of year again.
Per our tax reporting requirements, information returns for tax year 2011 will be available beginning Monday, January 30th, 2011 online in your Productiontrax.com Account. This information will be reported directly to the IRS in late February, per our reporting deadlines.
You will be able to view, download, and print your tax forms at any time from your Productiontrax.com account starting Monday. Only contributors who have received payments in 2011 will have tax forms available. See below to figure out whether or not you will be receiving a tax form. We'll send out another email as soon as your forms are ready.
To save time and postage, we will only mail you a hard copy if you request one from us. Please make your requests for mailed forms ASAP. Be sure to check these forms for errors, as we will need to correct them!
Contributors who are US Residents, receiving payments as an individual will receive Form 1099-MISC if we have paid out royalties in any amount during 2011. We will not issue 1099-MISC to US Corporations or LLCs who have elected corporate status unless you specifically request one. Form 1099-MISC details royalty income received during 2011.
All non-US recipients will receive a Form 1042-S, regardless of their tax status or country of residence. Form 1042-S details your gross payments during 2011, as well as any US Income Tax withheld. This is an information return only -- and is for your records. Do NOT file this form with the IRS -- that's our job. Check with your accountant if you have any special tax considerations or filing requirements in your country, as we are unable to offer any tax advice.
Quick Tip: Remember, both forms detail income received during 2011. Because we pay out the month after you make a sale, this means that your tax forms should reconcile with your monthly statements dated Dec. 2010 to Nov. 2011, unless we've made additional payments to you or had payments returned.
The Productiontrax.com Team