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Merchant Reporting and Form 1099-K

Learn about the 1099-K rules and how it relates to you.

In 2012 the Housing Assistance Act of 2008 required payment settlement entities to report to the IRS certain credit card payments received by business owners when they exceed a specific dollar amount and volume. This reporting requirement launched the birth of IRS Form 1099-K. This topic examines how Form 1099-K is used as a tool by the IRS to track taxpayer compliance which often results in audits. We will discuss specific reporting requirements, underlying customer and merchant networks systems, qualified vs. nonqualified transactions and how to resolve reporting issues.

Runtime: 69 minutes
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Understanding IRS Form 1099-K

  • What Is Form 1099-K and How Is It Used by the IRS?
  • What Is a Payment Card?
  • What Are Reportable Limits on Transactions?
  • What Type of Information Must Be Reported on Form 1099-K?
  • IRS Use of Form 1099-K to Support Audits and Reviews

Third Party Settlement Organizations

  • Characteristics of Third Party Payment Networks
  • Who Is Responsible for Reporting Third Party Network Transactions?
  • What Is a Merchant Acquiring Entity?
    • How Are Transactions Reported?
    • Merchant Acquiring Entity Codes
    • Issues Related to Misreporting
  • What Is a Payment Settlement Entity?
    • How Are Transactions Reported?
  • Reporting Requirements for Payment Settlement Entities
    • Verification Process
    • Filing Deadlines

Reporting Issues and How to Correct Errors Resulting From:

  • Incorrect Payment Amounts or Mismatching
  • Credit Card Terminal Sharing
  • Buying or Selling a Business During the Year
  • Multiple Businesses and Sources of Income
  • Changing Your Business Entity Structure During the Year
  • Receiving Customer Cash Back After Debit Card Purchases

Tax Reporting of Form 1099-K Transactions

  • Compliance Reporting
    • Sole Proprietors
    • Partnerships
    • SCorporations and C Corporations
  • Independent Contractors in Receipt of Form 1099-Misc
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on June 14, 2019.

Call 1-866-352-9540 for further credit information.

  • Enrolled Agents 1.0
     
  • This program qualifies for 1.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

E. Pete Lewis, MBA, CPA, EA

E. Pete Lewis, MBA, CPA, EA

Lewis & Associates Tax Planning, Inc.

  • Principal at Lewis & Associates Tax Planning, Inc., (LATP) in St. Charles, Illinois
  • CPA and enrolled agent admitted to practice before the IRS
  • Organized LATP in 2008 after spending 30 years of working in tax management positions for Chicago area law firms, public accounting firms and corporations
  • Conducts live workshops and webinars on tax planning topics and IRS debt resolution strategies
  • Practice concentrates on tax planning, tax controversy and IRS representation
  • Adjunct professor at DePaul University‚Äôs School of New Learning and University of Phoenix, Chicago on ground campus
  • Can be contacted at 630-845-9664, [email protected], or www.taxadvisorstcharles.com
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 405591
Published 2019
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