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I believe that now credit card processing companies are required to send your credit card income to the IRS. Check with your company first.
This is what we received a month ago. Important IRS requirements for 2011:The Housing Assistance Tax Act of 2008 included the enactment of Section 6050W of the Internal Revenue Code, an important new measure that requires payment processors to report the gross amounts of their merchant customers’ payment card transactions to the Internal Revenue Service (IRS). As a result of these new requirements, merchants must provide their valid Tax Identification Number (TIN) and Tax Filing Name (TFN). If a merchant fails to provide its TIN or if the IRS provides notification that there is a discrepancy between the information provided by the merchant and the IRS records, then the payment processor will be required to withhold tax on the merchant’s future funding amounts, starting in January 2012. For more information please visit http://www.irs.gov/govt/fslg/article...226894,00.html or call the IRS directly at 800-829-4933. |
However, isn't this only under the case where:
a) Received more than $20,000 in gross payments in a single year AND b) Received over 200 payments in a single year. |
Fortunately our worker's comp company allows CC payments with no additional fees. That's probably the biggest monthly transaction I do w/ our CC.
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