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1099 reporting of electronic or virtual credit card payments
March 28, 2023
Q. Some of our vendors are paid by epayments or virtual credit cards. Do we follow our normal analysis to determine if those are 1099-Misc or 1099-NEC reportable like a check or ACH payment, or is the processor reporting them on a 1099-K and therefore we do not need to report them?
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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