If you are in a business where you accept credit cards as payment from your customers, then you MUST know about this important change for 2011.
Starting this year, that is 2011 calendar year, all credit card merchant banks and institutions are required to issue a form 1099K to their customers.
So, if you accept credit cards from your customer, your credit card merchant company will issue a 1099K to you after the year end.
A copy of this 1099K will go to IRS - so IRS can use that to reconcile with the income that you report on your tax return.
If you need help in understanding this rule further please send me an email at morani@amoranicpa.com or call me.
This is very important for all business owners for the year 2011
Starting this year, that is 2011 calendar year, all credit card merchant banks and institutions are required to issue a form 1099K to their customers.
So, if you accept credit cards from your customer, your credit card merchant company will issue a 1099K to you after the year end.
A copy of this 1099K will go to IRS - so IRS can use that to reconcile with the income that you report on your tax return.
If you need help in understanding this rule further please send me an email at morani@amoranicpa.com or call me.
This is very important for all business owners for the year 2011
