More Tax Changes Coming Up…

Beginning Jan. 1, 2011: If you have annual internet sales of at least $20K, or 200+ transactions, and use a credit or debit card processor (like PayPal), the IRS is requiring the processor to report those sales (to the IRS) on a monthly basis. You will also receive a 1099-K form for those sales at year-end. As I posted in the past, with the additional IRS agents being hired, look for many more ways your business will be on “the radar.” Excellent recordkeeping is key!

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