Tuesday, May 14, 2013

Good News for all Business Owners

Good news for all business owners. Our government listened and 2 Republican Representative, 1 Republican Senator, and 1 Democaratic Senator introduced legislation that would prohibit the IRS from requiring merchant transaction reconciliation. "Under pressure from retailers and Congress, the Internal Revenue Service confirmed on 2/9/12 it will NOT require merchants to reconcile actual gross transaction receipts reported on their 1099K forms with the aggregate gross receipts they report on their taxes". Senator Thune from South Dakota is quoted as saying: The overreaching and unnecessary 1099K tax reporting requirement will create a paperwork nightmare for small businesses already struggling in a weak economy." The National Federation of Independent Businesses stated: "This is a small, but important victory for small business, and we appreciate the IRS working to alleviate the concerns of small-business owners on this issue. " Great news for businesses and our industry!!!!

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