Archives › 2014 › December › 09

Paypal issues Form 1099-K to sellers

Internal Revenue Code (IRC) Section 6050W states that all US payment processors, including PayPal, are required by the Internal Revenue Service (IRS) to provide information to the IRS about certain customers who receive payments for the sale of goods or services through PayPal. PayPal is required to report gross payments received for sellers who receive […]

QuickBooks: Marking payments for exclusion from Form 1099-MISC

Beginning with the 2011 tax year, the IRS requires you to exclude from Form 1099-MISC any payments you made by credit card, debit card, gift card, or third-party payment network such as PayPal. (These payments are being reported by the card issuers and third-party payment networks on Form 1099-K.) When you use check payments (in […]

Affordable Care Act (ACA) Information Center for Tax Professionals

Information for Your Individual Client What is Minimal Essential Coverage (MEC)? Does my client qualify for an exemption from MEC? What is the Premium Tax Credit?/FAQs Why it is important to report life & income changes to the Marketplace (Exchange) When would my client need to make an Individual Shared Responsibility Payment(ISRP)?/FAQs What is a […]