Managing credit card payment reporting from a 3rd party processor
September 6, 2019
Q. My question arises from the recent 2019 1099-MISC Compliance webinar.
We (payer) screen vendors for 1099 eligibility before we set them up in our ERP systems.
We use a 3rd party processor to make payments to vendors and that 3rd party processor determines how to pay vendors (i.e. check, ACH, credit card). (A given vendor can receive payments via multiple methods throughout the year.)
The 3rd party processor sends us a report at the end of the year advising which specific payments have been…
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