6050W and Farmers Markets: Electronic Payment Reporting Requirements webinar
On October 10th, FMC and Michigan Farmers Market Association held the ‘6050W and Farmers Markets: Electronic Payment Reporting Requirements’ webinar. The webinar explained the background of 6050W, the implication of 6050W on farmers markets, and best practices for scrip recordkeeping. Most, but not all, markets are exempt, and the webinar explains why and how a market can keep proper records to show their exemption. Many of you have requested the recording, and you can find the link below.
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 FMCemail@example.com