31 Jan '12, 11pm

The IRS has new reporting compliance rules> Here's how to stay out of trouble: #GrowSmartBusiness

The IRS has new reporting compliance rules> Here's how to stay out of trouble: #GrowSmartBusiness

By Maria Valdez Haubrich Will your business be affected by the new 1099-K form the IRS is rolling out this year? Business Finance reports that businesses accepting payments by credit card, debit card, gift card or online payment options such as PayPal, you could be getting 1099-K forms in the mail. The form or forms will be sent to you payment settlement entities such as banks if gross payments to your business by that entity in 2011 totaled 1) more than $20,000 and 2) more than 200 transactions. Payment settlement entities report the information to the IRS as well; the forms are due to small businesses by today, January 31. The new reporting requirement was created as part of the Housing Assistance Tax Act of 2008 and is intended to make sure that merchants accurately report their income from credit and other payment cards. The goal is to increase compliance in reporting ...

Full article: http://www.networksolutions.com/smallbusiness/2012/01/doe...

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