News from the IRS is that starting 2011, all merchants will be receiving 1099s from their credit card processing banks. What this means is the IRS will track credit card charges through your merchant account as income. For 99.9% of you, this is not an issue. For the other .1%... well, you got some work to do!
Of note: the IRS considers nonprofit organizations as prime money laundering targets, so these 1099s to nonprofits may be especially important.
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1 comment:
IRS and Merchant Services is a nice option also to include in the Selection process, but the perfect selection according to merchant needs is almost impossible.
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