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November 17, 2011

Comments

Cindy Galford

Are the dates for the 1099K to be sent out the same as the 1099misc? I haven't seen dates on them and am concerned about my farm clients that will be receiving them and have to be filed by March 1.

Trish

I haven't seen anything that gives them a later target date. But the IRS has given filing reprieves to brokers so I won't rule anything out.

John

You WILL get the 1099K, even if you received less than $20,000/200 transactions. That exclusion is for 3rd party processors like Paypay. Please correct that mistake in your article.

Trish

Has been changed, thanks for the catch.

Sandy

I do not see any supporting data from the IRS.gov website that the $20,000/200 threshold applies only to 3rd party processors. Please provide if anyone knows where that is outlined.
Also - Schedule C instructions for 2011 say you do not have to use line 1a this year - to enter -0-.

Trish

The IRS FAQs for 1099Ks, under general FAQs.
Does the de minimis standard apply to payment card transactions?

No, the de minimis standard does not apply to payment card transactions; the de minimis standard applies only to the payment settled by third-party settlement organizations.

Also may not be required to put 1099K info on Schedules but I want clients to get use to bringing it in and if I have it I'll use the line. That's my personal decision.

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    A reader should seek advice from an independent tax adviser with respect to the information on this blog based on the reader’s particular circumstances. This advice is intended to be general information and cannot be used for the purpose of avoiding penalties that may be imposed by the IRS regarding the transaction or matters discussed here.
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