Understanding Your Tax Forms (2016): Form 1099-K
Trying to figure out your tax forms? Here’s the next in my handy-dandy forms primer: 1099-K, Payment Card and Third Party Network Transactions.
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IRS Continues To Weigh In On New Credit Card Reporting Requirements
That collective sigh of relief that you just heard? It was an exhale from the Retail Industry Leaders Association (RILA), the trade association of the world’s largest and most innovative retail companies, who received guidance from the IRS advising that reporting requirements would not be as complicated as feared. The letter to RILA, dated February…
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Credit Card Reporting For Tax Purposes Debuts This Month
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
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…