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Merchant service payment provider reporting of 1099s
October 3, 2024
Q. How does a merchant service provider determine the tax reportable type of the payment? If we issue a royalty payment and then a service payment by credit card, how does the provider determine the correct tax reportable box to put the payment in when they issue the 1099 to our supplier?
A.
(Answered by IOFM's third-party tax experts)
When your organization has used a card or third-party settlement organization to pay a vendor, under the tax regulations, the obligation to file a Form 1099…
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