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1099-K for government municipalities
February 16, 2024
Q. 1099-K reporting instructions reflect 1099-K is required for governmental units accepting payments cards. Government entities are confused with the receipt of a 1099-K because these entities are exempt for all other 1099 MISC or 1099 NEC reporting, as a government and tax-exempt business. We are often asked "what should they do with their 1099-K form". Please provide a suggested approach to present and explain 1099-K to government clients accepting credit/debit cards.
A.
(Answered by IOFM's…
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