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L
Love4god
Level 1
June 3, 2021
Question

Should my client still file 1099’s for contractors if they have paid them using a credit card? I know it's not required but what would be the benefit if filed anyway?

  • June 3, 2021
  • 2 replies
  • 9 views
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2 replies

George4Tacks
George4Tacks
Level 15
June 4, 2021

I guess it would be like wearing a belt AND suspenders. 

Answers are easy. Questions are hard!
    qbteachmt
    qbteachmt
    Level 15
    June 4, 2021

    The concern would be that a 1099-K is triggered based on the amounts or number of payments, + yours, and the data is double-reported for these payments. I would not bother to spend the time doing the reporting that is not required, for that reason.

    I had a client that would use the top and bottom halves of the one 1099-Misc page for reporting to me, and I pointed out this is double reporting. He thought it was the same as the way the W2 is laid out.

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