IRS 1099 and Your Merchant Services Account

The new IRS 1099-K regulations could have a huge impact on your business if you accept credit cards and your merchant service provider or credit card processing provider has not informed you of - you need to know this!

The IRS being the friendly bunch they are is putting another step in the process of reporting taxes for your business. Starting in January 2012 all businesses who accept credit cards are required to have their credit card sales reported by their payment card networks, otherwise known as your merchant services provider or independent payment network like American Express and Discover card. This new law serves to compare your total credit card sales information, from form 1099-K with your reported income claimed on tax returns.

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Howto & Style

Tags:

• 1099
• irs 1099
• 1099k
• 1099 k
• IRS
• credit card processing
• merchant services
• merchant service providers
• merchant service provider
• credit card payments
• accept credit cards
• Credit Card
• Service Provider

[ridiculusstimulus]

If we already got the 1099k are we clear of this 28% voodoo tax?