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Concord California Form 1099-K: What You Should Know

Recipients are reported — IRS tax form — U.S. Treasury As the last week of March approaches, we begin to get emails that say something like this: “I received an IRS tax from this morning. Can you tell me what it says?” These are likely recipients of the most recent 1099-K form that you have either received from an entity or from the IRS. It is the most recent tax document you will ever receive. We have an overview guide of all the recent tax forms, here. Payments received from the IRS, which include the latest 1099-K form, are not taxable unless you are audited by the IRS. All Forms 1099-K are confidential, and you are not required to sign them, but you do need to understand what the IRS is asking out of each Form 1099-K Payment Processor Form 1099-K — FAQs for Merchants Most payments processors (as well as many small business owners) receive a 1099-K form annually from their payment card processor about the first of the following January and file an updated Form 1099-K about the first of the following February. Payment processors report their revenue for the previous calendar year, so many payment processors will have updated revenue data. Generally, an additional “additional information” line for the Form 1099-K provides us with information that we can use to understand the type and value of the business transactions reported to that firm. For example, if a settlement occurs during the first half of the year and there is a 100,000 balance, that firm will report that 100,000 as income on its Form 1099-K, and it is possible for the IRS to take that information into account for any subsequent year reporting. Incentives for Payment Processor to File 1099-K Many payment processor's annual Form 1099-K forms are updated annually for a variety of reasons. These include but are not limited to: 1. The IRS recharacterizes large transactions or many transactions as business income 2. Your firm files a 1099-K late in the year, but you file a late 1099-K form to avoid being treated as a failure to file a self-employment tax return. It is possible to receive credit for income from any transactions that occurred after you filed your 1099-K and before January 20th. 3.

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