Author - Emilio Sosa

1099 Form – How One Important Document Can Affect Your Bottom Line

I've highlighted the IRS reporting mandate in an earlier post, compelling merchant account providers to report their merchants' gross annual credit card processing volume. Of course, between friends, this amount does not necessarily reflect any given merchant's true total amount in gross earnings, as other forms of payment may be utilized. However, in an attempt to widen a net catching anyone who underestimates their income levels, the IRS reporting mandate was passed. (I had no say in this legislation or...

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Online Merchants – Become Accurate Bean Counters Per IRS

I thought that I would provide another wake up call to online merchants who accept credit cards, debit cards, or any type of electronic payment.  As a reminder, beginning in 2011, merchant account providers are obligated to report their clients' gross income derived from their online activity.  Some business folks are not concerned, confident that their record-keeping is completely accurate.  Others are uneasy, declaring that Big Brother's reach is becoming too invasive, and that the reporting of gross income does...

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