Mastering Form 1099-K: Merchant Strategies to Benefit from the New IRS Reporting Requirements
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New Internal Revenue Service (IRS) merchant reporting requirements, as outlined in Section 6050W of the Internal Revenue Code (IRC), will soon face many merchants and the payments industry vendors that serve them. Starting in 2012, reporting entities will file this data with the IRS and distribute a new document—Form 1099-K—to merchants to report total gross reportable sales for calendar year 2011 and each year thereafter.
Read this executive summary for highlights from “Mastering Form 1099-K”, or click here for information on purchasing access to the full report.
Note: First Data prepared this report in August 2011. Subsequently, the IRS published Notice 2011-88 (delay of backup withholding for one year) and IRS Notice 2011-89 (additional penalty relief for 2011 reporting). Please consult your tax advisor should you require additional information.