Guidance with credit card purchases and 1099s
Hello All,
We are thinking about implementing the credit card management process. One issue I'm coming across is how to deal with any transactions that would be applicable to 1099s. Based on my research I see that “1099 INFORMATION IS NOT APPLICABLE WHEN THE PAYMENT METHOD IS CREDIT CARD”. Does anyone have first hand knowledge if this is the case. If you use this method, how to account for these transactions?
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Comments
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@Heather Costa Hi Heather, this is because credit card companies automatically report these transactions to the IRS. I exclude all credit card transactions when I am preparing 1099's for vendors.
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@Ali Abdul
What software do you use to print your 1099's?0
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