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Form 1099-K online Nebraska: What You Should Know

The current IRS Form 1099 tax form has many new reporting and filing requirements. To learn more about the form and how to comply with these requirements, and what to expect in the future, download the Form 1099-K Instruction Guide. A recent change to form 1099-K information is that, starting May 2018, all sales transactions must report third party network transactions to the IRS, whether the sales involved the use of the payment card. Payment card transactions are not subject to Form 1099-K reporting; Form 1099-K reporting is completed for third party transactions. If you are a processor of transactions with third party network vendors to which you may provide or pay to your customers, such as payments by a merchant to a third party payment network, there is additional information to complete on the Form 5329 information return to report Form 1099-K. Please review the instructions below, or contact your tax advisor if you have any questions. If a processor of third party transactions makes electronic payments to merchants on behalf of customers of the receiving third party merchant, payment processors may want to consider using a third party network vendor. Some companies that use third party network vendors provide a Form 1099-K report to the payment processor that makes the payment. If you are the payment processor to these customers, please review the instructions below. Forms W-2G, 1099-MISC, W-2W, W-2X, 1099A, W-1X, 1099-EZ, 1099-INT, 1099-R, & 1099-S for Form 1099-K: Form W-2G, 1099-MISC Payment Card and Third Party Network Transactions — Form W21, W23 and W26 of the IRS Publication 515 (W-2G) must be used for reporting payments for certain transactions performed with certain types of consumer credit or debit card accounts (payment cards) that do not have a separate Form 1099-MISC. Payment card transactions between merchants using debit or credit cards with a transaction number in the three or six digit range are generally required to report to the IRS an individual Form 1099-MISC for each individual. For this reason, we would expect Form W21, W23 and W26 to be used in this case.

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