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1099-K

Credit Card Reporting for Tax Purposes Debuts This Month

13 January 2012

Form W-2, check. Form 1099-Misc, check. Form 1098, check. Form 1099-K… wait, what? Yep, there’s a new form from the IRS out this year and one might be landing in your mailbox soon. The federal form 1099-K, Merchant Card and Third Party Network Payments, will debut early this year: forms 1099-K are due to merchants [...]

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IRS Offers Relief for Credit Card Reporting Requirements

1 November 2011

Panicked about those new form 1099-K (Merchant Card and Third Party Network Payments) requirements? Take a breath. The IRS has already figured out that things aren’t going terribly smoothly and is, as a result, offering “special transitional relief” for taxpayers and service providers. Contrary to some internet rumors, this isn’t the same as a free [...]

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New Credit Card Reporting Requirement Worries Some Taxpayers

25 October 2011

And you thought bank fees were bad… There’s a new form on the block, Form 1099-K, Merchant Card and Third Party Network Payments, making its debut in a few months, just in time for the 2012 filing season. The form is the result of new compliance reporting requirements for certain credit card and third party [...]

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Online Merchants Brace for New Reporting Requirements

15 December 2009

The Housing Assistance Tax Act of 2008 made headlines as part of the larger Housing and Economic Recovery Act of 2008, or HERA, signed into law by President Bush. HERA was introduced as HR 3221 by Rep. Nancy Pelosi (D-CA), with the title: A bill to provide needed housing reform and for other purposes and [...]

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