Historically, the revenues that small businesses receive through credit card payment processors have not been readily visible to the IRS. That’s going to change starting in 2011. Starting in 2011, the gross amount of payment card and third-party network transactions will be recorded on a new IRS form, form 1099-K. In rolling out the new [...]
Read More Income Tax Preparation, IRS Small Business, Small Business Tax, Tallahassee Tax Service, Tax IncreasesWe just received some clarity on the new 1099-MISC filing requirements for business owners. This was part of the most recently passed health care bill. This requirement will take effect for tax year 2012. Under these new rules, all businesses, corporations and sole proprietors, must issue form 1099s to ALL vendors paid $600 or [...]
Read More Income Tax Planning, Income Tax Preparation, IRS Letters, Small Business Tax, Tallahassee Tax Service, TallyTaxMan