For tax year 2011, the IRS asks recipients of the Form 1099-K, Merchant Card and Third–Party Network Payments to include the business income from 1099-Ks as part of the aggregate total with other business receipts on their tax returns.
The “What’s New” section in the instructions for Form 1040 Sch. C,Sch. E and Sch. F has information for reporting the income on 2011 tax returns.
Please note: This does not change the requirement that responsible entities file and furnish Forms 1099-K for 2011.
Form 1099-K, Merchant Card and Third Party Network Payments
A payment settlement entity (PSE) must file Form 1099-K for payments made in settlement of reportable payment transactions for each calendar year. A PSE makes a payment in settlement of a reportable payment transaction, that is, any payment card » Read more..
IRS e-file Launches Today; Most Taxpayers Can File Immediately
IR-2012-7, Jan. 17, 2012
WASHINGTON — The Internal Revenue Service opened the 2012 electronic tax return filing season today with a reminder to taxpayers that e-file remains the best way to get fast refunds and ensure accurate tax returns.
IRS e-file has surpassed the milestone of 1 billion returns processed. The electronic transmission system revolutionized the way the IRS processes tax returns and made speedy refunds possible. More than 112 million income tax returns were e-filed last year, or 77 percent of all individual returns filed. » Read more..
IRS Kicks Off 2012 Tax Season with Deadline Extended to April 17
IRS YouTube Video: April 17th Tax Deadline: English | ASL
IR-2012-1, Jan. 4, 2012
WASHINGTON — The Internal Revenue Service today opened the 2012 tax filing season by announcing that taxpayers have until April 17 to file their tax returns. The IRS encourages taxpayers to e-file as it is the best way to ensure accurate tax returns and get faster refunds.
The IRS also announced a number of improvements to help make this tax season easy for taxpayers. This includes new navigation features and helpful information on IRS.gov and a new pilot to allow taxpayers to use interactive video to get help with tax issues. » Read more..