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IRS Sec 6050W Compliance, Form 1099-K

Section 6050W (see Notice 2009-19) of the Internal Revenue Code requires information returns to be made for each calendar year by merchant acquiring entities and third party settlement organizations with respect to payments made in settlement of payment card transactions and third party payment network transactions occurring in that calendar year. This requirement to make information returns applies to returns for calendar years beginning after December 31, 2010.

Under new section 6050W, any payment settlement entity making payment to a participating payee in settlement of reportable payment transactions must make a return for each calendar year to be filed with the Service, and furnish a statement to the participating payee, setting forth the gross amount of such reportable payment transactions, as well as the name, address, and taxpayer identification number (TIN) of the participating payees.

Form 1099-K, Payment Card and Third Party Network Transactions, is a new information return that payment settlement entities will use to report the gross amount of payment card or third party payments.

Form 1099-K

Account Ability (try it now) currently includes electronic filing and plain paper filing for the entire family of information returns and annual wage reports. Account Ability includes Form 1099-K and complies with IRS Sec 6050W.

 
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