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1099-Misc Reporting –Exclude Payments Made by Credit Card

Posted by Admin Posted on Oct 12 2016


We were surprised to find some tax preparers at the IRS National Tax Forum still confused on this one, so in case it slipped past your radar screen as well….  


Payments made by credit card are no longer subject to reporting on Form 1099-Misc.  Why?  A new form 1099-K was introduced wherein credit card processing companies became responsible for this reporting.  So ignore payments you made by credit card when (a) determining if there is a 1099 filing requirement and (b) when reporting the amount paid.