1099k

[Madeleine]

Is this something new? I have never gotten any and have taken credit cards for years..

Is this something new? I have never gotten any and have taken credit cards for years.

2011 is the first year the forms are required.
It was kind of neat to see the AmEx report by month. Still waiting for V/MC/D. I should ask around here and see if anyone else got them. Maybe my mail went somewhere else.

 

[Tom]

We got one, too. They were supposed to be required for all merchant card service payments and were supposed to go on Schedule C Profit or Loss from Business Part I, line 1a BUT for 2011 forget it, just enter zero. Apparently the providers couldn't get their act together for 2011.
Next year you will need them, and you should provide your tax ID number to your service provider or it will have to withold federal taxes.

 

[Madeleine]

Checking again...has anyone received these?

 

[gillumhouse]

Checking again...has anyone received these?.

The last page of my monthly statement had it. I almost missed it.

 

[Madeleine]

Checking again...has anyone received these?.

The last page of my monthly statement had it. I almost missed it.
.

The last page of my monthly statement had it. I almost missed it.

I'll try this. But, my processor will give me fits every time. I kept getting an error message that the connection to the website wasn't secure, so I called them. Their voicemail took me to the same page I was having trouble with. FInally talked to a rep and she told me the website on their VM was wrong.
2 things...they never told me it changed and they never changed the help feature on their own VM!

 

[gillumhouse]

Checking again...has anyone received these?.

The last page of my monthly statement had it. I almost missed it.
.

The last page of my monthly statement had it. I almost missed it.

I'll try this. But, my processor will give me fits every time. I kept getting an error message that the connection to the website wasn't secure, so I called them. Their voicemail took me to the same page I was having trouble with. FInally talked to a rep and she told me the website on their VM was wrong.
2 things...they never told me it changed and they never changed the help feature on their own VM!
.

I get a paper statement.

 

[Madeleine]

Just called my processor and they have been granted an extension to get these out by Mar 1.

 

[Copperhead]

Checking again...has anyone received these?.

The last page of my monthly statement had it. I almost missed it.
.

K, I think we use the same processor (First Data) and while the last page of the statment has the year end figure, it is not your 1099k. They informed me there was problems and would go out by Mid March.

 

[Madeleine]

Checking again...has anyone received these?.

The last page of my monthly statement had it. I almost missed it.
.

K, I think we use the same processor (First Data) and while the last page of the statment has the year end figure, it is not your 1099k. They informed me there was problems and would go out by Mid March.
.

What they don't seem to realize is if that form has to be filed with the taxes (and I'm not sure if it does) that means my taxes don't go out on time. (Corporate taxes are due Mar 15.) Even if it doesn't have to be filed with my taxes, it will be filed and if theIRS screws something up (as they did many times when we bought this place) then my numbers won't match (or be close to) the numbers the processor files.
(When we first bought the place, the IRS did not understand we were running a business with the same name but as a different entity. Kind of like you opening up a B&B with the same name as mine in the same state, they kept trying to file all the info under the PO's tax id number and we kept getting harassing letters saying we weren't filing on time!)
So, we will have to file for an extension in order to be sure we get these forms and they are close enough to what WE think we processed!
What I don't get is that they knew about this for over a year. How come WE, the little guys, have to file everything on time or be fined and the big guys get extensions and no fines?
Speaking of processing, not that I want to, while looking to see if the form was with my Dec or Jan statement, I came across a 'cross border fee' of $10 for a $300 charge. That's on top of the charge to dial in to process the card and the actual base rate fee. This is why I don't want furriners using credit cards here. That one room cost me about $20 just to run their credit card. With the card present! And, because they had 2 rooms, that's $40 just to get the money. The other $300 I ran as a deposit. I don't even want to find that statement.
And, there was a note at the bottom of the statement that I will be charged an additional .05% if I do not collect ALL the proper information for a business card. 'Please see back of statement for details.' This is an online statement. There IS no 'back of statement' to tell me what the heck 'proper information' means. 3rd call going in to processor today.

 

[JBloggs]

Checking again...has anyone received these?.

The last page of my monthly statement had it. I almost missed it.
.

K, I think we use the same processor (First Data) and while the last page of the statment has the year end figure, it is not your 1099k. They informed me there was problems and would go out by Mid March.
.

What they don't seem to realize is if that form has to be filed with the taxes (and I'm not sure if it does) that means my taxes don't go out on time. (Corporate taxes are due Mar 15.) Even if it doesn't have to be filed with my taxes, it will be filed and if theIRS screws something up (as they did many times when we bought this place) then my numbers won't match (or be close to) the numbers the processor files.
(When we first bought the place, the IRS did not understand we were running a business with the same name but as a different entity. Kind of like you opening up a B&B with the same name as mine in the same state, they kept trying to file all the info under the PO's tax id number and we kept getting harassing letters saying we weren't filing on time!)
So, we will have to file for an extension in order to be sure we get these forms and they are close enough to what WE think we processed!
What I don't get is that they knew about this for over a year. How come WE, the little guys, have to file everything on time or be fined and the big guys get extensions and no fines?
Speaking of processing, not that I want to, while looking to see if the form was with my Dec or Jan statement, I came across a 'cross border fee' of $10 for a $300 charge. That's on top of the charge to dial in to process the card and the actual base rate fee. This is why I don't want furriners using credit cards here. That one room cost me about $20 just to run their credit card. With the card present! And, because they had 2 rooms, that's $40 just to get the money. The other $300 I ran as a deposit. I don't even want to find that statement.
And, there was a note at the bottom of the statement that I will be charged an additional .05% if I do not collect ALL the proper information for a business card. 'Please see back of statement for details.' This is an online statement. There IS no 'back of statement' to tell me what the heck 'proper information' means. 3rd call going in to processor today.
.

I purchased something online using paypal as the middle man and it stated clearly it was an intl company and I had to pay an additional percent to use a credit card with them. Is it just us here in America that are the dropkicks on this issue? Everyone else charges addtl fees to use a foreign cc!

 

[Madeleine]

Checking again...has anyone received these?.

The last page of my monthly statement had it. I almost missed it.
.

K, I think we use the same processor (First Data) and while the last page of the statment has the year end figure, it is not your 1099k. They informed me there was problems and would go out by Mid March.
.

What they don't seem to realize is if that form has to be filed with the taxes (and I'm not sure if it does) that means my taxes don't go out on time. (Corporate taxes are due Mar 15.) Even if it doesn't have to be filed with my taxes, it will be filed and if theIRS screws something up (as they did many times when we bought this place) then my numbers won't match (or be close to) the numbers the processor files.
(When we first bought the place, the IRS did not understand we were running a business with the same name but as a different entity. Kind of like you opening up a B&B with the same name as mine in the same state, they kept trying to file all the info under the PO's tax id number and we kept getting harassing letters saying we weren't filing on time!)
So, we will have to file for an extension in order to be sure we get these forms and they are close enough to what WE think we processed!
What I don't get is that they knew about this for over a year. How come WE, the little guys, have to file everything on time or be fined and the big guys get extensions and no fines?
Speaking of processing, not that I want to, while looking to see if the form was with my Dec or Jan statement, I came across a 'cross border fee' of $10 for a $300 charge. That's on top of the charge to dial in to process the card and the actual base rate fee. This is why I don't want furriners using credit cards here. That one room cost me about $20 just to run their credit card. With the card present! And, because they had 2 rooms, that's $40 just to get the money. The other $300 I ran as a deposit. I don't even want to find that statement.
And, there was a note at the bottom of the statement that I will be charged an additional .05% if I do not collect ALL the proper information for a business card. 'Please see back of statement for details.' This is an online statement. There IS no 'back of statement' to tell me what the heck 'proper information' means. 3rd call going in to processor today.
.

I purchased something online using paypal as the middle man and it stated clearly it was an intl company and I had to pay an additional percent to use a credit card with them. Is it just us here in America that are the dropkicks on this issue? Everyone else charges addtl fees to use a foreign cc!
.

I purchased something online using paypal as the middle man and it stated clearly it was an intl company and I had to pay an additional percent to use a credit card with them. Is it just us here in America that are the dropkicks on this issue? Everyone else charges addtl fees to use a foreign cc!

Who is it who has it on their website that there is a 3% courtesy fee to use a cc? Just saw that recently. It is completely allowable now, whereas we used to not be able to charge extra for cc's. Not many want to be the first to do that, tho. Would a guest kick about it? The idea that they are now having to pay upfront for their miles and rewards, no longer hidden in the cost of the item?

 

[Copperhead]

Checking again...has anyone received these?.

The last page of my monthly statement had it. I almost missed it.
.

K, I think we use the same processor (First Data) and while the last page of the statment has the year end figure, it is not your 1099k. They informed me there was problems and would go out by Mid March.
.

What they don't seem to realize is if that form has to be filed with the taxes (and I'm not sure if it does) that means my taxes don't go out on time. (Corporate taxes are due Mar 15.) Even if it doesn't have to be filed with my taxes, it will be filed and if theIRS screws something up (as they did many times when we bought this place) then my numbers won't match (or be close to) the numbers the processor files.
(When we first bought the place, the IRS did not understand we were running a business with the same name but as a different entity. Kind of like you opening up a B&B with the same name as mine in the same state, they kept trying to file all the info under the PO's tax id number and we kept getting harassing letters saying we weren't filing on time!)
So, we will have to file for an extension in order to be sure we get these forms and they are close enough to what WE think we processed!
What I don't get is that they knew about this for over a year. How come WE, the little guys, have to file everything on time or be fined and the big guys get extensions and no fines?
Speaking of processing, not that I want to, while looking to see if the form was with my Dec or Jan statement, I came across a 'cross border fee' of $10 for a $300 charge. That's on top of the charge to dial in to process the card and the actual base rate fee. This is why I don't want furriners using credit cards here. That one room cost me about $20 just to run their credit card. With the card present! And, because they had 2 rooms, that's $40 just to get the money. The other $300 I ran as a deposit. I don't even want to find that statement.
And, there was a note at the bottom of the statement that I will be charged an additional .05% if I do not collect ALL the proper information for a business card. 'Please see back of statement for details.' This is an online statement. There IS no 'back of statement' to tell me what the heck 'proper information' means. 3rd call going in to processor today.
.

I purchased something online using paypal as the middle man and it stated clearly it was an intl company and I had to pay an additional percent to use a credit card with them. Is it just us here in America that are the dropkicks on this issue? Everyone else charges addtl fees to use a foreign cc!
.

I purchased something online using paypal as the middle man and it stated clearly it was an intl company and I had to pay an additional percent to use a credit card with them. Is it just us here in America that are the dropkicks on this issue? Everyone else charges addtl fees to use a foreign cc!

Who is it who has it on their website that there is a 3% courtesy fee to use a cc? Just saw that recently. It is completely allowable now, whereas we used to not be able to charge extra for cc's. Not many want to be the first to do that, tho. Would a guest kick about it? The idea that they are now having to pay upfront for their miles and rewards, no longer hidden in the cost of the item?
.

I purchased something online using paypal as the middle man and it stated clearly it was an intl company and I had to pay an additional percent to use a credit card with them. Is it just us here in America that are the dropkicks on this issue? Everyone else charges addtl fees to use a foreign cc!

Who is it who has it on their website that there is a 3% courtesy fee to use a cc? Just saw that recently. It is completely allowable now, whereas we used to not be able to charge extra for cc's. Not many want to be the first to do that, tho. Would a guest kick about it? The idea that they are now having to pay upfront for their miles and rewards, no longer hidden in the cost of the item?

I recall seeing this recently as well. I wonder if we (as in merchants) ALL started having a cc fee if people would get the hint of just how much this convenience costs merchants, especially the rewards cards. On the otherhand it also provides security for those of us that take deposits - can't begin to charge a courtesy fee when I am requiring the card to run a deposit. - At least that is how I see it.

 

[gillumhouse]

Got my tax form from the processor today.

 

[Proud Texan]

We received ours in two parts on the 1st and 2nd of March. Wow, good timing. We just had our refund deposited into our account from our tax return we filed in JANUARY!

 

[EmptyNest]

So let me ask you this. Say there is a big discrepancy between the CC # amounts and what you have in sales because you included packages and extras that you paid out to other vendors for say horseback riding etc. How do you avoid waving a red flag on this kind of stuff? I just told my friend to hand it all to his accountant and let him figure it out!!!

 

[Madeleine]

So let me ask you this. Say there is a big discrepancy between the CC # amounts and what you have in sales because you included packages and extras that you paid out to other vendors for say horseback riding etc. How do you avoid waving a red flag on this kind of stuff? I just told my friend to hand it all to his accountant and let him figure it out!!!.

So let me ask you this. Say there is a big discrepancy between the CC # amounts and what you have in sales because you included packages and extras that you paid out to other vendors for say horseback riding etc. How do you avoid waving a red flag on this kind of stuff? I just told my friend to hand it all to his accountant and let him figure it out!!!

It all comes out in the wash. If you have $X in revenue and $Y in expenses, it works out even with pacakges you paid out for. What is the kicker is the SALES TAX is included! Of course it is, because you run the sales tax on the cc. So, if you ONLY take cc's and you have an exhorbitant sales tax (like 14% or so) it does look 'sketchy', so somewhere there is going to have to be a line to put what your sales tax amount is.
We added up the 2 forms and were surprised until we realized, dope slap, 'sales tax!'

 

[egoodell]

Hey gang,
At the conference Chris sat through the cc info talk and we also talked to our cc processor.
There is going to be a bIIIIIIG mess with these 1099s or whatever it is the cc processors are submitting.
The easiest way they could explain one of the foul ups will be this:
Big tour company has bus routes to vacation spots. Since they don't know how many travelers until the last minute they submit $5K on a credit card to guarantee the transportation. Once they get there and know exaclty what the cost is the driver cuts a check to pay and they have the cc charge refunded.
So, according to their books they have NOT paid $5k, they have paid what the check was.
BUT the cc processor lists the charge and not the chargeback in their accounting so this will show as a descrepancy.
This is just one scenario. They predict it will take years to straighten out so as long as you are ethical in your accounting, dont worry about it.
RIki