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Madeleine

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Has anyone received their 1099k forms from their cc processor? They were due in hand on Jan 31. Just wondering if anyone else has gotten them?
http://www.irs.gov/pub/irs-pdf/f1099k.pdf
 

egoodell

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We have ours for the B&B but not for the wine tour company yet.
Riki
 

egoodell

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We have ours for the B&B but not for the wine tour company yet.
Riki.
Do you have a separate credit card processor for that? Or is it a separate business entity?
.
Madeleine said:
Do you have a separate credit card processor for that? Or is it a separate business entity?
We process our charges through Tom a t Payment Transaction Solutions out of New York. He is often at the B&B Conferences.
RIki
 

JBloggs

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actually mine just arrived today. I guess that shows in one quick snap shot your income. I had a separate one for Amex.
I just added them, and then subtracted the 10% tax paid for sales and use and transient tax, and it is $200 difference (under) what I filed with the IRS yesterday. Cash payments, as you can see we get virtually NONE here.
So phew! Had me worried for a moment there would be a gap one way or the other and not match up and be a red flag for an audit. I just called the account to ask if he needed these for his file, or just add to my file here (which has the payee copies of all the other 1099's).
 

Madeleine

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actually mine just arrived today. I guess that shows in one quick snap shot your income. I had a separate one for Amex.
I just added them, and then subtracted the 10% tax paid for sales and use and transient tax, and it is $200 difference (under) what I filed with the IRS yesterday. Cash payments, as you can see we get virtually NONE here.
So phew! Had me worried for a moment there would be a gap one way or the other and not match up and be a red flag for an audit. I just called the account to ask if he needed these for his file, or just add to my file here (which has the payee copies of all the other 1099's)..
I think the big issue will be if what you file is a lot less than what shows up on these forms! We expect that there will be a larger discrepancy here as we have a lot of guests who pay cash or by check. But we won't know if we don't get them!
 

JBloggs

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actually mine just arrived today. I guess that shows in one quick snap shot your income. I had a separate one for Amex.
I just added them, and then subtracted the 10% tax paid for sales and use and transient tax, and it is $200 difference (under) what I filed with the IRS yesterday. Cash payments, as you can see we get virtually NONE here.
So phew! Had me worried for a moment there would be a gap one way or the other and not match up and be a red flag for an audit. I just called the account to ask if he needed these for his file, or just add to my file here (which has the payee copies of all the other 1099's)..
I think the big issue will be if what you file is a lot less than what shows up on these forms! We expect that there will be a larger discrepancy here as we have a lot of guests who pay cash or by check. But we won't know if we don't get them!
.
Madeleine said:
I think the big issue will be if what you file is a lot less than what shows up on these forms! We expect that there will be a larger discrepancy here as we have a lot of guests who pay cash or by check. But we won't know if we don't get them!
and pushing us further to accept only cards. keep it all in one place. this is so much, all the time, and people wonder why we lose it on the odd ocassion?

 

Copperhead

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Called MY processor as I have not received the tax form, wanted to make sure it had not gotten lost (by me
or the mail). It has not been sent! Due to a 'mailing delay' it will not be sent til late Feb or early March! When I mentioned tax forms are due in hand by Jan. 31, all he did was apologize.
This is not typical for my merchant service at all, usually right on top of everything. My Dec. statement does have the total for the year and I have all my statements so I can get started (I guess) and adjust if need be when it arrive, prior to filing. Just what a pain, added to the big pain of doing this task in the first place!
 

JBloggs

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Called MY processor as I have not received the tax form, wanted to make sure it had not gotten lost (by me
or the mail). It has not been sent! Due to a 'mailing delay' it will not be sent til late Feb or early March! When I mentioned tax forms are due in hand by Jan. 31, all he did was apologize.
This is not typical for my merchant service at all, usually right on top of everything. My Dec. statement does have the total for the year and I have all my statements so I can get started (I guess) and adjust if need be when it arrive, prior to filing. Just what a pain, added to the big pain of doing this task in the first place!.
copperhead said:
Called MY processor as I have not received the tax form, wanted to make sure it had not gotten lost (by me
or the mail). It has not been sent! Due to a 'mailing delay' it will not be sent til late Feb or early March! When I mentioned tax forms are due in hand by Jan. 31, all he did was apologize.
This is not typical for my merchant service at all, usually right on top of everything. My Dec. statement does have the total for the year and I have all my statements so I can get started (I guess) and adjust if need be when it arrive, prior to filing. Just what a pain, added to the big pain of doing this task in the first place!
So you can't even file your taxes then...that has to be illegal.
 

Copperhead

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Called MY processor as I have not received the tax form, wanted to make sure it had not gotten lost (by me
or the mail). It has not been sent! Due to a 'mailing delay' it will not be sent til late Feb or early March! When I mentioned tax forms are due in hand by Jan. 31, all he did was apologize.
This is not typical for my merchant service at all, usually right on top of everything. My Dec. statement does have the total for the year and I have all my statements so I can get started (I guess) and adjust if need be when it arrive, prior to filing. Just what a pain, added to the big pain of doing this task in the first place!.
copperhead said:
Called MY processor as I have not received the tax form, wanted to make sure it had not gotten lost (by me
or the mail). It has not been sent! Due to a 'mailing delay' it will not be sent til late Feb or early March! When I mentioned tax forms are due in hand by Jan. 31, all he did was apologize.
This is not typical for my merchant service at all, usually right on top of everything. My Dec. statement does have the total for the year and I have all my statements so I can get started (I guess) and adjust if need be when it arrive, prior to filing. Just what a pain, added to the big pain of doing this task in the first place!
So you can't even file your taxes then...that has to be illegal.
.
Since I will inevitably be paying
I will not send in until tax day, but it should be required to arrive same as W-2's. Just wonder what (if any) the penality is to companies that do not comply in a timely manor?
 

gillumhouse

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Per what I read on the Link Maddie gave - you get this if you had $ 20,000 AND OVER in transaction revenue or had 200 or more transactions.
 

Innkeep

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Per what I read on the Link Maddie gave - you get this if you had $ 20,000 AND OVER in transaction revenue or had 200 or more transactions..
Mine came today. AmEx was definitely less than both of the limits you mentioned.
 

JBloggs

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Per what I read on the Link Maddie gave - you get this if you had $ 20,000 AND OVER in transaction revenue or had 200 or more transactions..
Mine came today. AmEx was definitely less than both of the limits you mentioned.
.
Innkeep said:
Mine came today. AmEx was definitely less than both of the limits you mentioned.
My Amex total for the year was less as well.
 

Madeleine

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Per what I read on the Link Maddie gave - you get this if you had $ 20,000 AND OVER in transaction revenue or had 200 or more transactions..
gillumhouse said:
Per what I read on the Link Maddie gave - you get this if you had $ 20,000 AND OVER in transaction revenue or had 200 or more transactions.
I think it is ANY cc transactions and then the second part (the $20,000 and 200 transactions) is more for sites like eBay where it goes thru a third party payer like PayPal. So, if you accept cc's and you have a merchant account you should get 3 of these (one from Visa/MC, one from AmEx, one from Discover, if you accept all of those).
If you sell stuff on an online 'garage sale' site where you don't take the cc info, it goes thru someone else, then the $20,000/200 transactions piece comes into play.
Make sense?
We still haven't gotten the forms.
 

Copperhead

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Per what I read on the Link Maddie gave - you get this if you had $ 20,000 AND OVER in transaction revenue or had 200 or more transactions..
gillumhouse said:
Per what I read on the Link Maddie gave - you get this if you had $ 20,000 AND OVER in transaction revenue or had 200 or more transactions.
I think it is ANY cc transactions and then the second part (the $20,000 and 200 transactions) is more for sites like eBay where it goes thru a third party payer like PayPal. So, if you accept cc's and you have a merchant account you should get 3 of these (one from Visa/MC, one from AmEx, one from Discover, if you accept all of those).
If you sell stuff on an online 'garage sale' site where you don't take the cc info, it goes thru someone else, then the $20,000/200 transactions piece comes into play.
Make sense?
We still haven't gotten the forms.
.
Madeleine said:
gillumhouse said:
Per what I read on the Link Maddie gave - you get this if you had $ 20,000 AND OVER in transaction revenue or had 200 or more transactions.
I think it is ANY cc transactions and then the second part (the $20,000 and 200 transactions) is more for sites like eBay where it goes thru a third party payer like PayPal. So, if you accept cc's and you have a merchant account you should get 3 of these (one from Visa/MC, one from AmEx, one from Discover, if you accept all of those).
If you sell stuff on an online 'garage sale' site where you don't take the cc info, it goes thru someone else, then the $20,000/200 transactions piece comes into play.
Make sense?
We still haven't gotten the forms.
That is how I read it too.
Only thing different to what you say regarding how many forms you get will depend on how your merchant account processes the CC, if they process each as 3rd party then yes you will get one from each. How you know is how you get paid. If you receive deposits separately expect a 1099-K from each. (note: my processor handles all but Amex so I will get 2, one from my processor & one from Amex)
 

gillumhouse

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

Madeleine

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Per what I read on the Link Maddie gave - you get this if you had $ 20,000 AND OVER in transaction revenue or had 200 or more transactions..
gillumhouse said:
Per what I read on the Link Maddie gave - you get this if you had $ 20,000 AND OVER in transaction revenue or had 200 or more transactions.
I think it is ANY cc transactions and then the second part (the $20,000 and 200 transactions) is more for sites like eBay where it goes thru a third party payer like PayPal. So, if you accept cc's and you have a merchant account you should get 3 of these (one from Visa/MC, one from AmEx, one from Discover, if you accept all of those).
If you sell stuff on an online 'garage sale' site where you don't take the cc info, it goes thru someone else, then the $20,000/200 transactions piece comes into play.
Make sense?
We still haven't gotten the forms.
.
Madeleine said:
gillumhouse said:
Per what I read on the Link Maddie gave - you get this if you had $ 20,000 AND OVER in transaction revenue or had 200 or more transactions.
I think it is ANY cc transactions and then the second part (the $20,000 and 200 transactions) is more for sites like eBay where it goes thru a third party payer like PayPal. So, if you accept cc's and you have a merchant account you should get 3 of these (one from Visa/MC, one from AmEx, one from Discover, if you accept all of those).
If you sell stuff on an online 'garage sale' site where you don't take the cc info, it goes thru someone else, then the $20,000/200 transactions piece comes into play.
Make sense?
We still haven't gotten the forms.
That is how I read it too.
Only thing different to what you say regarding how many forms you get will depend on how your merchant account processes the CC, if they process each as 3rd party then yes you will get one from each. How you know is how you get paid. If you receive deposits separately expect a 1099-K from each. (note: my processor handles all but Amex so I will get 2, one from my processor & one from Amex)
.
You're right. V/MC/D are all the same processor.
 

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