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Both state and federal laws require that all reportable payments be identified and reported in the Payee Data Record (STD. 204) form. This includes any state department that participates in a transaction resulting in a payment to any individual or entity that is not a governmental entity.
The Payee Data Record form, STD. 204 must be completed by suppliers. The purpose of the STD. 204 form is to obtain payee information for income tax reporting and to ensure tax compliance with federal and state law.
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