New IRS Requirements for Credit Card Payee
In the years to come, IRS scrutiny will be more intense for small businesses and entrepreneurs that accept credit cards, debit cards, gift cards, Paypal or similar electronic payments. Starting in 2011, the gross amount of payment card and third-party network transactions will be recorded on a new IRS form, form 1099-K. In rolling out the new 1099-K form, the IRS is attempting to improve voluntary tax compliance by business taxpayers.



04/20/2010 16:43:43
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