6050W and Farmers Markets Electronic Payment Reporting Requirements

Recorded on 10.10.11:
Understand the background of IRS 6050W and what electronic payment reporting requirements mean for your farmers market. Best practices for scrip recordkeeping are highlighted.
Since the webinar, FMC has received a couple inquiries about whether a market is responsible for issuing IRS 1099-misc forms (different from the 1099-k discussed on the webinar) to its vendors to document payment for scrip (eg. tokens). 1099-misc forms are issued to independent contractors who have been paid for services. FMC is not qualified to deliver tax advice, and recommends that market organizations examine IRS guidelines on independent contractors. If unsure about your reporting obligations, please consult with a professional tax advisor. And, as always, please share what you learn on the FMC listserv at FMC-list@googlegroups.com.

Category:

Nonprofits & Activism

Tags:

• Farmers Market
• EBT
• SNAP
• Tax
• 6050w