Reporting responsibility for Zelle payments

September 1, 2022

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Q. We pay our contractors via Zelle, and have historically reported their payments over $600.00 on a 1099-NEC (or 1099-MISC in prior years). We do not transmit their tax details (mailing address, TIN) to Zelle, as they only facilitate the payment on our behalf. Will Zelle be issuing the contractors a 1099-K, or are we still responsible for issuing a 1099-NEC? A. (Answered by IOFM's third-party tax experts) Your organization is still responsible for Form 1099-NEC reporting.  Zelle is an…

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Naturally, this forum doesn’t allow the kind of full information exchange necessary for the Institute of Finance & Management (IOFM) to provide legal advice and the Expert is not a tax attorney in any event. Please understand that the nature of our responses are limited by these constraints as well as the site’s Terms of Use. If you have further questions or suggestions about how we can improve IOFM, please let us know. 
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