Answer:
Incentive payments would be reportable under a 1099MISC which has a $600 threshold for reporting.
Incentive payments and 1099s
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Question:
Our bank would like to give current customers $25 cash to refer a friend. We have been advised that those clients must then receive a 1099 at year end for the "gift." I've seen other banks do this successfully so are they all issuing a 1099?
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