Beginning in 2011, businesses will need to start paying much closer attention to their credit card sales! Credit card companies will be issuing Form 1099-K to merchants detailing these transactions starting in January 2012. Businesses must report sales included in the 1099-K, sales not included in the 1099-K and returns, allowances and "cash back" on three separate lines on their business tax returns beginning with the 2011 tax year. Be sure to keep a close eye out for these important tax documents! More information will be available as the IRS finalizes the rules regarding these requirements.
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