Welcome Guest. Register Now!  


For 2011 Tax Tips For Year 2011


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-15-2012, 10:12 AM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
IRS issues "New 1099-K Reporting Requirements for Payment Settlement Entities for 2012."

Per the IRS, "Beginning in January, 2012, payment settlement entities (PSEs) are required by the Housing Assistance Tax Act of 2008 to report on Form 1099-K the following transactions as follows:

1. All payments made in settlement of payment card transactions (e.g., credit card);

2. Payments in settlement of third party network transactions IF:
-Gross payments to a participating payee exceed $20,000; AND
-There are more than 200 transactions with the participating payee.
Filing Deadlines & Procedures
The 1099-Ks are due to merchants by January 31, 2012. Electronically filed 1099-Ks are due to the IRS April 2, 2012 (normally March 31), while paper 1099-Ks are due February 28, 2012.

For more information on this topic please click the following link below.
New 1099-K Reporting Requirements for Payment Settlement Entities

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
IRS announces several "Tax Benefits Increase Due to Inflation Adjustments for the tax year 2012." TaxGuru Tax News 0 10-22-2011 12:49 PM
Which entities are considered "Non Permitted Shareholders" of an S Corporation? TaxGuru S-Corporation 0 09-21-2011 09:04 PM
Which entities are considered "Eligible Shareholders" of an S Corporation? TaxGuru S-Corporation 0 09-21-2011 09:01 PM
How long should "account holders" or taxpayers reporting a FBAR report, retain records of the foreign accounts? TaxGuru Filing Requirements 0 08-15-2011 11:55 PM
IRS encourages "Reporting Promoters of Off-Shore Tax Avoidance Schemes!" TaxGuru General 0 04-27-2008 04:33 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.