1099s is based off the check payments
1099 should also account for credit card payments as well.
We need this as a credit card payment does the same as a check.
Currently there is no automated way to add credit card payments to 1099 history.
This places a burden on customers to manually add the values to 1099 history.
by: Corey L. | over a year ago | General Enhancements
Comments
That's intentional. IRS regs do not require you to 1099 for payments made with credit cards because the credit card companies send a 1099. If you did it as well, it would double up the reporting.
Updated comment. If using credit card vendors, it does add to the 1099's, however I would argue that it should not as per above.
When Consulting with our CPA I thought you had to report Credit Card payments using a 1099 but it was a special version of the 1099 so it would be helpful to have AP track those chargs as well.