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Siva Raman Associate Manager

1099 form

Asked on Feb. 26, 2014

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

Answers

Patrick Dunne Chief Financial Officer • February 27, 2014

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.

Katherine Simmonds Agent • March 1, 2014

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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