1099s and credit card payments

April 6, 2021

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Q.┬áIf vendor invoices are paid via credit card without being processed in your payment system, who is responsible for issuing the 1099? If the merchant is responsible and the total is under $20K and/or 200 transactions will they still report? If not, who is then responsible for reporting? 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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