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1099K Reporting

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    #1

    1099K Reporting

    Wondering if this really good news for us Tax Preparers and the 2012 1099 K

    Spidell (Calif) just sent a news release
    The IRS has decided that businesses will not be required to reconcile their gross receipts with merchant card transactions reported on Form 1099-K on their 2012 or later returns.
    While Spidell is at a State Level, so hoping that something materilizes on the IRS Newswire - EAlerts in the next few days

    This will be great news for those of us that deal in "retail subject to sales tax and cash backs"

    Sandy
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