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1099 reporting of electronic or virtual credit card payments

January 17, 2022
March 28, 2023

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Q. Some of our vendors are paid by epayments or virtual credit cards. Do we follow our normal analysis to determine if those are 1099-Misc or 1099-NEC reportable like a check or ACH payment, or is the processor reporting them on a 1099-K and therefore we do not need to report them?  A. (Answered by a 3rd party, independent advisory services firm offering experienced and practical help for tax regulatory compliance for Forms W-9, W-8, W-2, 1099, 1098, 5498, 945, 1042, 1042-S, and state…

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