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Get Ready for Merchant Card Reporting in 2011

November 18, 2016

If you’re an eBay Seller, you’ve probably already heard the buzz about the new Pay Pal reporting starting January 2011. But the true scope of the new law is actually a lot bigger.There are a lot of facts, half-truths and downright incorrect advice floating around the Internet these days when it comes to the new law that starts in 2011. Here’s what is really going on with the new Pay Pal (and other) merchant requirements.Starting January 2011, all 3rd payer groups will start reporting transactions. That means if you sell something and take Master Card, Visa, Pay Pal, American Express or any other form of 3rd party collection-type card, you’re on the list to get a Form 1099-K in 2012.

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The Form 1099-K will be issued to you early in 2012 and will reflect the gross amount of sales that were paid throughout 2011. If you credit the sale back, it will not reduce the amount of gross transactions. For example, if you sell something for $500 and then credit $100 of that sale, there is a net sale amount of $400. But, the total that would be reported would be $500. Likewise, if there are fees, they will not reduce the amount reported.There is a group that will be exempted from the reporting requirements.Do you have:Less than 200 transactions in the year or
Make less than $20,000 gross in the year?If so, then IRS considers this ‘de minimus’ and does not require the companies to report.As with any new program, it’s hard to say how accurate the first year forms will be. And if you happen to get a form with the wrong amount, it’ll be up to you to report to the IRS how much it should have been.There are some things you can do to protect yourself. Here are some of our suggestions to make sure you don’t end up paying more taxes when these new Form 1099-Ks start showing up.

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Track income, credit and fees in accounting software,
Regularly reconcile your merchant account with your reported sales,
Consider setting up two bank accounts for your business: one for merchant sales only and one for your regular checking account activities, (You can then transfer money from the merchant account to your checking account. This little trick will make it much easier to reconcile.)
Be prepared to give your TIN (taxpayer ID number) to your provider.This is just the beginning of a lot more reporting that starts in 2011. Get ready with good bookkeeping now!

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