I paid my contractor more than $600 in 2023 using my credit card connected to PayPal. Do I submit the form 1099-NEC for 2023 tax year for this contractor? I've seen conflicting messages over the last few years and understand that the IRS has postponed the threshold change again. Below is info from the IRS website, but in other places it also says the contractor would need to hit $20k or 200 transactions. Please advise!
Form 1099-K: Payments made with a credit card or payment card and certain other types of payments, including third-party network transactions, must be reported on Form 1099-K by the payment settlement entity under section 6050W and are not subject to reporting on Form 1099-NEC. See the separate Instructions for Form 1099-K.
