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Are 1099s required when using a vendor card payment process?
September 26, 2024
Q. We have recently added a vendor Mastercard payment process for our vendors. This replaces our paper check process. The payments are created for the vendors and uploaded to the solution provider. Do I still issue 1099s for my vendors?
A.
(Answered by IOFM's third-party tax experts)
Consult the terms and conditions of your organization’s contract to identify what tax information reporting obligation the solution provider acknowledges. If the provider is a “payment settlement entity” or…
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