Thursday, January 26, 2012


If you have been following my blog, you know that I have been concerned about the new 1099K compliance form that credit card and debit card companies are required to send out to show the amount of your credit and debit card sales.

This is new for 2011 and there are several issues that I have been concerned with. Items such as cash back, tips, refunds, sales tax etc.

Now we have seen the 2011 forms and there is good news. There is a line on the income form that says "amounts reported on 1099k" but then it goes on to say "for 2011 enter 0." In other word the IRS has not worked out the kinks in the reporting so this is not going to be an issue for the 2011 returns