Do FATCA requirements impact payments we make to foreign vendors using our P-card? Will we need to obtain W-8 forms for foreign vendors paid using the P-card? What are the consequences if we make a P-card payment and we have not obtained the W-8?

Question on reporting for 1099MISC on payments made by a company Visa credit card, specifically a company card where the company has liability (a Purchase card).  My company card bank rep (lets say Bank A) stated that all payments on the card were not required to be reported to the IRS by my company.  Knowing that if this is not entirely correct, my company will pay the penalties, I turn to the expert:

1)  If a reportable US vendor (with reportable transactions) was paid entirely by the card mentioned above, who has 1099MISC reporting obligations?  My company, Bank A, or Visa?

1a)  Is there any difference if it is a reportable non-US vendor with reportable transactions?  I am guessing all bets are off here as there could be withholding obligations, but that would seem to be true with US vendors as well.

2)  Assuming my company has no reporting obligation in part 1, if a reportable vendor was paid by mixed media (some card, some checks), should my company report only the portion not paid by credit card (checks only) or is it more prudent just to report the entire amount and let the IRS sort it out?

3)  Were there any changes in regard to who has reporting obligation for ACH and wire payments?  My assumption is that reportable transactions paid by my company with ACH and wires are still reportable by my company.

We are starting up single use accounts with Bank X. We send a file to Bank X identifing our suppliers outstanding. Bank X notifies the suppliers and gives them a credit card number to be used for payment. I believe these transactions place the burden for 1099 reporting to the supplers (merchant) bank. Is this a correct statement?

Also does this relieve us from unclaimed property liability? Our payment to Bank X will be the amount redeemed from the suppliers. If a supplier does not redeem his money using the card number Bank X gave them, I do not see where this is unclaimed property when no monies were exchanged unless the unused card is considered the same as an uncashed check.

Cardholders have been relieved of 1099 reporting for card payment effective 1/1/11, does this include vendors set up with the card issuer (bank) as an alternative payee? We have created an on-line catalog ordering system. Transactions are entered into our accounting system for each supplier, and each supplier (vendor) points to an alternative payee which is the bank. When the payment is created the alternative payee is paid.

For TY 2011, we are not required to report Visa transactions on a 1099; however, does that change for government entities for TY 2012?

Is the 1099 reporting requirement for all purchases regardless of the acquiring community (VISA) falling under TIPRA 3402(t), 6050W, or another?

What obligations would our company have if the invoice is paid via credit card to a foreign company? Are we liable to fill out any forms and withheld any money? The work was done in US and the person is not US citizen.

We are confused on who is responsible for reporting on Form 1099-K.  Our company utilizes both company travel cards and purchasing cards.  At the end of each month, we issue a payment to the credit card company for the expenses we incurred for that month.  So are we considered a PSE where we would have to issue a Form 1099-K to the credit card company?

I am having trouble distinguishing the difference between a "merchant acquiring entity" and a "third party settlement organization" in IRC Section 6050W.  For example if a University is responsible for contracting businesses to accept a "payment card" from students, the student deposits money with the University, and the University is responsible for paying the business once the student uses the card does that make them a merchant acquiring entity or a third party settlement organization?

Do the final regs relating to IRC section 6050W, that require payment settlement organizations to settlements in payment card transactions, relieve institutions who have been reporting the p-card transactions or are we still required to report?  Is there a threshold per vendor that may require us to report p-card purchases?

I have read the following question and answer on your website: Corporate Credit Card Question Question: If our employees have a corporate credit card and are individually responsible for paying the bill, do we still need to report the payments made in conjunction with company use? Answer: When an employee is 100% liable for the credit card, then your company does not report these payments on Form 1099-MISC. However, if your company is responsible when the employee does not pay his bill, you should treat this as a company credit card and report payments. Also, watch out for contracts that give your company benefits of card usage such as discounts; if these accrue to the company rather than to the individuals, that can be an indication that your company is the payer (with Form 1099 reporting responsibility). I have a related question: Corporate AMEX cards are issued to various individuals within our company primarily for business related T&E purposes. An employee must fill out and submit an application in their own names to AMEX, and the Corporate AMEX card is issued directly to the employee in the employee's name. Employees submit expense reports and are reimbursed for the business related expenses charged on the card; the employee receives the bill directly from AMEX and makes the payment directly to AMEX. Under the AMEX Corporate Card program, the company is financially liable for unpaid balances that reach 180 delinquent up to the company's annual incentive payment from AMEX. Based on these facts, would there be any Form 1099 reporting responsibility on the part of the company in any instance?