Comments for Virtual Assistant Moms

Comment on New 1099 rules that you need to know! by Stephanie

Stephanie — Fri, 27 Jan 2012 03:55:58 +0000

Once I read the instructions I also felt it was very clear Thank you!

Comment on New 1099 rules that you need to know! by TaxMama

TaxMama — Thu, 26 Jan 2012 19:21:28 +0000

Hi Stephanie,

Thanks for bringing this to my attention.
I can’t even remotely imagine why CPAs would be confused about this. All you need to do is to read the instructions for the form 1099K.
http://www.irs.gov/pub/irs-pdf/i1099k.pdf

The SECOND statement in the instructions is as follows:
New Form 1099-K. Payment settlement entities may have to report merchant card payments and third party network payments on new Form 1099-K instead of Form 1099-MISC.

This time, IRS actually made it very clear.

Don’t you think?

Comment on New 1099 rules that you need to know! by Stephanie Watson

Stephanie Watson — Thu, 26 Jan 2012 04:23:03 +0000

Yea Tax Mama did already answer this. If you pay people via paypal NO you do not have to issue a 1099 MISC anymore.

http://taxmama.com/asktaxmama/no-1099-misc-if-paid-by-credit-card/
Stephanie Watson recently posted..Need administrative work but don’t want to hire anyone?

Comment on New 1099 rules that you need to know! by Stephanie Watson

Stephanie Watson — Thu, 26 Jan 2012 04:18:25 +0000

http://www.taxquips.com/index.php?id=2152 this is tax mama’s answer. I wonder if Tax Mama sees this if she’ll answer whether or not those of us who pay people via paypal still need to issue 1099′s?
Stephanie Watson recently posted..Need administrative work but don’t want to hire anyone?

Comment on New 1099 rules that you need to know! by Stephanie Watson

Stephanie Watson — Wed, 25 Jan 2012 17:36:03 +0000

I’m replying to my own post just to give you another post confirming this by someone who is an expert:

http://blog.highbeambusiness.com/2012/01/irs-forms-form-1099-k-and-form-1099-misc-instructions-still-confusing-taxpayers/