Print Page   |   Your Cart   |   Sign In
News & Press: Press Releases

New FAQ Page for IRS 1099-K

Friday, February 10, 2012   (0 Comments)
Posted by: Rhette Baughman
Share |
The Internal Revenue Service (IRS) has posted a Frequently Asked Question (FAQ) on Form 1099-K and reconciliation, and will not require reconciliation of gross receipts and merchant card transactions on business tax returns going forward.

On Feb. 10, the IRS amended its informational webpage on credit card reporting requirements to announce that the IRS will not require reconciliation of gross receipts and merchant card transactions on Forms 1120, "U.S. Corporate Income Tax Return," and other business income tax forms. The Housing Assistance Tax Act of 2008 requires credit card companies to report merchants’ annual gross credit, debit, and third party network payment card transactions to the IRS using Form 1099-K. The National Small Business Association (NSBA), Arizona Small Business Association (ASBA), and other small business groups had expressed concern about the burdens and costs associated with reconciling discrepancies between their own sales records and the Forms 1099-K issued by credit card processors. The Feb. 10th IRS announcement directly addresses these small business concerns.

Click here to view the FAQ page.

Affordable Dental Plans for ASBA Members

Delta Dental of Arizona

2 employees? No problem! We’ve got a dental plan to meet your needs & budget. Click to learn more!

LEARN MORE

Receive payments. On your terms.

Enterprise Bank & Trust

You can protect your cash from extended payment terms. In our recent survey completed by privately held business owners and leaders, nearly two-thirds of participants are impacted by extended payment terms. 

LEARN MORE

2018 Small Business Boost Winner!

PV Barbers

At PV Barbers, we are dedicated to providing the best value for everyone in the Phoenix area looking for a haircut. We do this by providing high quality barbershop services for men and boys in a warm friendly atmosphere.

LEARN MORE

RSVP

Experience ASBA

REGISTER

Date: Held monthly
Time: Click for times based on location
Location: Phoenix or Tucson

RSVP

ASBA Speed Networking

REGISTER

Date: Held monthly
Time: Click for times based on location
Location: Phoenix or Tucson

Have Questions on Health Insurance?

Health Insurance

Do you have questions on plans for Individual, sole proprietor, or group? We can get the answers needed to make sure you find the right plan for you and your employees.

LEARN MORE

CopperPoint...at work for you

CopperPoint

CopperPoint delivers peace of mind to Arizona employers and their employees. We are the state's premier provider of workers compensation insurance, serving Arizona businesses, small and large, since 1925.

LEARN MORE

Speakers Form

Speakers Form

ASBA is on the cutting-edge of what is happening right now in the business community. We are looking for dynamic speakers to present inspiring and relevant content at future events. If you or someone you know is experienced capturing a crowd and delivering insightful information on sales, marketing, HR, finances, or other topics we invite you to share your knowledge and apply today. We are your partner in business.

APPLY TODAY

Association Management Software Powered by YourMembership  ::  Legal