What's a 1099-K?
Friday, February 3rd, 2012
Have you received a 1099-K this year? This new form reports electronic financial transactions. If your business takes debit or credit card payments, then you will receive a 1099-K if you process more than $20,000 AND more than 200 transactions. Business tax returns contain a new line to report 1099-K amounts. For this tax season […]
Read More »Avoid 1099 requirement
Thursday, February 10th, 2011
The new credit card reporting rule has created a potential money-saving opportunity for businesses subject to 1099 reporting. Everyone engaged in a trade or business (including landlords beginning in 2011) must report payments of $600 or more to non-corporate service providers on Form 1099 to the payees and the IRS. Beginning January 1, 2011, banks […]
Read More »Landlord? Get ready for 1099
Monday, February 7th, 2011
If you have property that you rent to others, the IRS says you are engaged in a trade or business beginning January 1, 2011. This means you become subject to Form 1099 rules. If you pay an individual or company (not a corporation) more than $600 in the calendar year, you must report these payments […]
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