Feb 16, 2012
An update from our CPA.
“Hot off the presses, 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!
Oh yes please don’t forget about our webinar on February 22nd on how you may be able to deduct your medical expenses. If you have a Medical Expense Reimbursement Plan, you especially can’t miss it!”… Feb 16, 2012
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