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« | Main | IRS changes mileage reimbursement to 55.5 cents »
Wednesday
Jun292011

What's a 1099K?

If you have a web based company, or receive a fair amount of receipts by credit card, then you should expect a 1099 K from your Merchant Service provider in  late January, 2012.   This form will show your total gross sales deposited by these providers to your bank accounts through 2011 and is called the Merchant Card and Third Party Network Payments form.

The IRS will review this form to see if it matches income on your tax returns. Also, they will compare to industry standards for your type company if you receive cash as well , to see if you are reporting this accurately.   

Knowing this  form will be on your door step in six months, it's important to review your merchant statements and make sure you have good financial software tracking these payments for you. Tracking your flow of income, in several criteria is always best.  Usually it only takes a minute or two extra to input the best information possible.   Remember, if you don't put in details, you can't get the answers later on. 

Here's the IRS link, so you can view what will be another piece to forward with your 1096..

  1099K VIEW  (CLICK HERE)

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July 28, 2011 | Unregistered Commentercitita0005

Great article. Thanks for the info, you made it easy to understand. BTW, if anyone needs to fill out a form 1099K, I found a blank form in this site PDFfiller. This site also has some tutorials how to fill it out and a few related tax forms that you might find useful.

December 14, 2014 | Unregistered CommenterPaul Davidson

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