1099 Woes

Well I hope everyone has heard about the new 1099-K that will tell you how much money you brought using a credit card processor or website like PayPal. Well it seems as though they are going to change it again! You will probably still receive a 1099-K this year if you processed credit cards, but there is no where to report it! That right! On the business forms where you should report it it says, "For 2011, write in 0" For tax professionals and others David Purkey has a great video that may answer some questions. It can be found at http://youtu.be/rfkV--5HRS4. David is a CPA and an Enrolled Agent. His business in Pinnacle Tax in Beaverton Oregon. It is a very interesting video. Please be on top of the game. Learn all you can!