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1099 reporting for PayPal and Venmo payments
July 16, 2021
Q. Who is responsible for issuing 1099 forms for reportable payments to individuals made through PayPal and Venmo?
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 reporting.)
PayPal is a third-party payment settlement organization which files Forms 1099-K to the IRS under the requirements of Reg. sec. 6050W for payments it processes…
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