IRS: Implementation of 1099K Reporting Requirements Waived for 2011
January 11, 2012
A note from Joe McCarthy, IRS Stakeholder Liaison
This is so new that the IRS has not yet published guidance on it, but the implementation of the 1099K (merchant card) reporting requirements have been waived for 2011.
As a result, practitioners won't have to separately report credit card sales on gross receipts line on their client's returns. Cash and credit sales will be reported together in 2011 just like they always have been. This can be seen by looking at the gross receipts line 1a of the Schedule C; the 1120, 1120S and 1065 also reflect the change in these rules.
We do not know if the guidance will be published before the start of the filing season, but wanted you to have the information. Stay tuned to www.cscpa.org for more information as we receive it.
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