The Internal Revenue Service has informed a small business advocacy group that it will not require businesses to reconcile their gross receipts with the merchant card transactions reported on the new 1099-K information reporting form.
In a letter Thursday to Susan Eckerly, senior vice president of public policy at the National Federation of Independent Business, IRS deputy commissioner for services and enforcement Steven T. Miller, wrote that no reconciliation would be required on 2012 business tax forms such as the 1120 nor in future years. The IRS had earlier said only that no reconciliation would be required on 2011 income tax returns.
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