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1099 form

Siva Raman's Profile

Whether we need to issue 1099 form for payments through corporate credit card, if yes which form to be used. Regards Siva

Answers

Topic Expert
Patrick Dunne
Title: Chief Financial Officer
Company: Milk Source
(Chief Financial Officer, Milk Source) |

Siva-See below from the 1099 instructions. This is saying your credit card company will issue a 1099K

Form 1099-K.
Payments made with a credit card or payment card and certain other types of payments, including third party network transactions, must be reported on Form 1099-K by the payment settlement entity under section 6050W and are not subject to reporting on Form 1099-MISC. See the separate Instructions for Form 1099-K.

(Agent, JKS Solutions, Inc.) |

The IRS definitions under 6050W are extensive.

Here is a link where you can find some definitions and discussion of final regs.

http://www.irs.gov/irb/2010-43_IRB/ar08.html

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