Form 1099-K not required to be reported or posted for 2011 merchant card and third party network payments f

 By Jeff Brooks CPA

I have had many clients ask me about Reporting Form 1099-K Amounts.  These 1099-K amounts will have to reported for 2011…not for 2011.  Why did you receive 1099-K forms?  Because  there was a loud outcry about the lack of advance notice for the 1099-K requirement.  IRS then announced that it  decided to not require 1099-K forms for 2011.

For tax year 2011, the IRS has deferred the requirement to separately report the amount of merchant card and third party network payments from Form 1099-K on Schedule C, E & F as well as on Form 1120, 1120-S and 1065. Instead, report all gross receipts from business as usual on the line indicated. As indicated on the form and in the instructions, enter zero on the “Merchant card and third party payments” line.

Please note that the deferral of the requirement to separately report the amount of merchant card and third party network payments from Form 1099-K does not change the requirement for responsible entities to file Form 1099-K for 2011.

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About Jeffrey Brooks

Jeffrey Brooks, CPA, CFP, MBA since 1976 has specialized in helping clients save significant taxes, help businesses increase their cash flow, revenues and profits while increasing their control and satisfaction. Jeff and his accounting firm sincerely cares about the happiness of his clients.

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JBrooks Wealth Advisors, PC.

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Address: 4647 N 32nd Street, Suite B245
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Phone: 602-292-2009
Email: jeff@jbrookswa.com