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Reportability of storage and delivery charges
November 20, 2024
Q. We are gas utility company. We make purchases from gas supply suppliers for storage and delivery. Are these types of services 1099 reportable?
A.
(Answered by IOFM's third-party tax experts)
The federal tax Regulations at sec. 1.6041-3(c) which apply to Form 1099 reporting of payments to U.S. individuals and U.S. entities provide the following exclusion:
"Payments for which no return of information is required under section 6041. Returns of information are not required under section 6041…
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