Just a quick note - about 1099's again.
I follow a few CPA's to access tax tip information for my business and my clients businesses. So I thought I would pass on the information I recieved from Warren Taryle of Taryle and Associates. He produces a newsletter with quick tax tip notices and tax deadlines. If you would like to receive his tax tips, I have left the web-site link below.
"I just wanted to send you this quick e-mail, fresh off the presses, to let you know that the IRS has decided businesses will not be required to reconcile their gross receipts with merchant card transactions reported on Form 1099-K on their 2012 or future returns.
Steven T. Miller, IRS deputy commissioner for services and enforcement, said in writing to the National Federation of Independent Business that no reconciliation will be required on 2012 or future business tax returns.
We have been telling our clients whose businesses accept credit cards or other forms of electronic payments to separately track cash receipts from merchant card payments beginning this year, but now that requirement has been dropped by the IRS!
Our 2011 tax organizer still has the note on it saying that you need to begin to separately keep track of the revenue from credit cards but per this statement by Steve Miller; you do not need to do so.
Go ahead and do a little dance – it is ok to celebrate even small victories when it comes to the IRS!" http://www.tacpas.com/
I hope this tip was valuable. Please leave a comment or a recommendation of who to follow for business tax tips for entrepreneurs and small business owners.
Warmly -
Debbie Rosenfelt
Chief Heart Officer
I follow a few CPA's to access tax tip information for my business and my clients businesses. So I thought I would pass on the information I recieved from Warren Taryle of Taryle and Associates. He produces a newsletter with quick tax tip notices and tax deadlines. If you would like to receive his tax tips, I have left the web-site link below.
"I just wanted to send you this quick e-mail, fresh off the presses, to let you know that the IRS has decided businesses will not be required to reconcile their gross receipts with merchant card transactions reported on Form 1099-K on their 2012 or future returns.
Steven T. Miller, IRS deputy commissioner for services and enforcement, said in writing to the National Federation of Independent Business that no reconciliation will be required on 2012 or future business tax returns.
We have been telling our clients whose businesses accept credit cards or other forms of electronic payments to separately track cash receipts from merchant card payments beginning this year, but now that requirement has been dropped by the IRS!
Our 2011 tax organizer still has the note on it saying that you need to begin to separately keep track of the revenue from credit cards but per this statement by Steve Miller; you do not need to do so.
Go ahead and do a little dance – it is ok to celebrate even small victories when it comes to the IRS!" http://www.tacpas.com/
I hope this tip was valuable. Please leave a comment or a recommendation of who to follow for business tax tips for entrepreneurs and small business owners.
Warmly -
Debbie Rosenfelt
Chief Heart Officer
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