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How are you submitting 1099s to the IRS this year? (Balanced, YC W11)
- molsongolden 14y agoIf you make your large payments with a credit card you can both rack up awards and avoid the need to file a 1099-misc.
- wahdeh 14y agoSome vendors only accept check or paypal since they don't have a merchant account to accept credit cards, so this isn't a complete workaround.
- jareau 14y agoSpecifically, I'm curious how online marketplaces like Etsy, Taskrabbit, and Airbnb handle this problem.
- cyan 14y agoIs the marketplace required to issue the 1099-MISC if the threshold for the 1099-K is not met if all payments are done via credit card? I'm guessing the answer is "no" but the blog post isn't quite clear on that.
- jareau 14y agoNo. Using Balanced, the marketplace isn't responsible for submitting any 1099 forms; Balanced is. So if the merchant hasn't hit the $20K/200 trnxs threshold they simply won't receive a 1099 from either the marketplace or Balanced.