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Is Your Business Ready for 2011 Credit Card Income Reporting?

Discussion in 'Businesses' started by Roy Vargis, Oct 29, 2010.

  1. Roy Vargis

    Roy Vargis Super Moderator

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    Beginning for sales made in 2011, payment settlement entities (e.g., merchant card processing companies like American Express, Visa and MasterCard merchant banks) will be required to report each business’s payment transactions to the IRS.

    To facilitate this reporting, the IRS has developed Form 1099-K which will report a merchant’s credit and debit card income for the year and will be issued to the merchant in the early part of the subsequent year just like 1099s for interest, dividends, pensions, etc., are. Continue reading..

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