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1099-K Rules in Relation to Credit Card Usage (MLC641F)
Are you properly accounting your 1099K Reporting Income?
Passed in 2008, IRS Public Law 110-289 had a provision 6050W put in place on August 2010, effective since January 1, 2011. Though section 6050W took off the burden of 1099 from the shoulders of cardholders to merchant processers and acquirers, it did not help the merchants as much as it did to the cardholders.
Form 1099K was introduced to handle this change. It may simply be an information return, but this information needs to be handled and accounted for properly. It allows the IRS to gather information about online income of organizations.
Are you properly accounting your 1099K reportable income? This session by expert speaker Brent Meyers would have discussions about the rules around 1099-K and feature tax return information. Though the provision is in place for few years, it is important to assure correct information processing.
Brent Meyers has extensive knowledge of the accounts payable process in today’s business environment. He is responsible for business development and commercial card services within the Midwest Territory. He specializes in Automated Accounts Payable, regulation compliance, and expen...
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