Are you dying to know what the IRS considers its highest priorities? … Probably not, but on April 5, 2012, IRS Commissioner Douglas H. Shulman outlined the Service’s list of priorities in a prepared speech before the National Press Club.
Over the past year, I have fielded a number of questions on the 1099-K, Merchant Card and Third-Party Payments, introduced in 2011. This reporting form requires companies that handle merchant card transactions or third-party settlement transactions to report gross receipts of certain payees. A payee is essentially someone who accepts credit/debit cards through a merchant… Read more
