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Who issues 1099s for vendors paid by card?
October 11, 2023
Q. I wanted to confirm my understanding on who was responsible for issuing 1099's/1042-s for vendors that are paid by an E-payables credit card. If i recall correctly these should be issued by the bank issuing the card as they are the ultimate payor.
A.
(Answered by IOFM's third-party tax experts)
You have described the correct rule for payments that are Form 1099 reportable to U.S. entities or U.S. individual persons (Regulations sec. 1.6041-1(a)(1)(iv)). BUT there is no such rule applicable…
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