Reportable payment
In accounting, reportable payment means a payment that may need a Form 1099 — generally one to a non-corporate US payee, in the course of the payer's business, for services, rent or other listed items, over the form's threshold. Payments made by card or through a third-party network are excluded, because the processor reports them on Form 1099-K.
Authority: Instructions for Forms 1099-MISC and 1099-NEC (opens in a new tab). Sources
For founders
The same idea written for a founder: what it costs a startup that ignores it, and what to do in a real month.
What it is not called
Each of these means something else. Use one here and an accountant reading the product notices.
- any payment to a vendor
- 1099 vendor
Components that render this
These components name it in their spec, grouped and labeled exactly as the catalog shows them.
Components that render the terms it depends on
Few components name this concept outright, but it's built from terms they do name. These render payee.
Also in Payables
Defined in Lexicon. This page is generated from that document, so the two can't disagree.