2011 Tax Changes for Businesses and Investors: Payment Reporting

Changes to the tax code have come into effect since January 1, 2011.  To keep you up on how these changes may affect you, we have summarized some of these alterations.

The IRS has made changes to the reporting requirements for payment card and third-party payment transactions.  After 2010, information forms must be filed by banks, reporting the the gross amount of credit and debit card payments received by an organization during the year.   Those facilitating third-party network transactions (i.e. online sales) are also required to complete similar reporting.

If you have any questions about IRS reporting or tax planning, please contact us.

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