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Reporting Payments in Multiple Currencies for 1099 Filing
January 15, 2025
Q. We have a question with a vendor that has to address locations one in United States and another one in Canada. Both locations received payments in Canadian dollars and also in US dollars. For the US based location for 1099 filing should we report only the USD payments? Or should we report all the amount converted to USD?
A.
(Answered by IOFM's third-party tax expert)
For U.S.-source payments, all payments would need to be reported (in U.S. dollars, so convert any payments not made in U.S.…
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