Gainesville CPA Accounting/Tax tip : 1099K Payment Card Reporting

FAQs on New Payment Card Reporting Requirements

 There are new rules for reporting payment cards and we can help you understand the requirements.  Call us for an appointment 352.377.3000

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The Internal Revenue Service is providing special transitional relief to banks and other payment settlement entities required to begin reporting payment card and third-party network transactions to the IRS on new Form 1099-K.

By law, reporting is scheduled to begin in early 2012 for payment card and third-party network transactions that occurred in 2011. Details on the special transitional relief and reporting requirements are in these FAQs, and more information on this relief is in Notice 2011-88and Notice 2011-89.