A new IRS rule could make life trickier for most businesses that get paid with credit cards.

1. Small Business Owners – Beware Of New
Credit Card Paperwork
A new Internal Revenue Service rule could make life trickier for most businesses that get
paid with credit cards — from online retailers to the local deli.
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2.  Regardless of whether you meticulously keep records for every
transaction or, more leisurely, conclude deals with an oral
agreement and a handshake, chances are that paperwork is one
of the least enjoyable aspects of your small business. If so,
you’re like most people. Unfortunately, paperwork is
sometimes a necessity, and a new IRS law creates more of it for
you if you take payments from customers by credit card.
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3.  As the Wall Street Journal reports, beginning this year credit-
card companies are required to track the dollar amounts that
merchants receive from credit card transactions. The credit card
companies report these sums to the IRS and to the on forms
1099-k. Of course, you are required to report income received
from credit-card payments; that is nothing new. But with the
IRS receiving these forms from the credit-card companies, you
will need to engage in extra diligence to make sure the
company’s totals are correct.
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4.  This means a new set of accounting procedures that many firms
may be unaware of, and unprepared to face. For purposes of
New York asset protection, it’s important to be aware of all
changes to IRS regulations and to ensure that there are no
discrepancies between your own business records and those of
any credit card companies whose cards you accept. An issue
with the IRS over delinquent taxes can raise problems
eventually for NY estate planning as well.
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LAW OFFICE OF DAVID PARKER BLOG
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5. Law Office of David Parker
Estate Planning and Elder Law
 www.parkertrustlaw.com