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1099s for third-party payment methods?
October 27, 2022
Q. Regarding third-party electronic payment filers like Venmo, PayPal, Zelle -- do they need to file 1099s the way that credit card companies do, or do I? I'm confused about whether I should file a 1099 if I pay an individual via Zelle or Venmo, or if those companies have to do it.
A.
(Answered by IOFM's third-party tax experts)
From our available information:1. PayPal and Amazon Payments are third-party settlement organizations which file Forms 1099-K reporting the recipients of 1099-K…
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