For 2011, businesses will be required to report their income derived from charge card sales separately from other income. Charge card companies will be issuing a Form 1099K reflecting the amount of the sales that go through charge cards. We recommend that you change your record keeping in order to be able to properly reflect those amounts. Please contact us for assistance is getting your books set up properly.
Previously, we notified you that you would be required to file Forms 1099MISC for any entity—incorporated or not—that you paid $600 or more for any purpose. We are happy to report to you that this has been repealed. Along with that repeal, the requirement for landlords to send a Form 1099MISC to anyone they paid $600 or more has also been repealed. The rules for Forms 1099MISC are back to what they were for 2010