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IRS Mandate and 1099-K Delivery Notice

1/5/2012 5:55 PM

Category: Other News

Under recently effective federal law, payment card networks are required to submit gross sales information reporting (IRS Form 1099-K) to the IRS for each business that accepts credit cards. The first information reports will take place in January 2012 for sales in 2011. As a part of the 1099-K required format, the form must include the Filer's Name, address and telephone number. If your business uses the Bank's preferred provider, Century BankCard Services, the form will include Global Payments' Name, Address and Telephone Number and will be mailed to you in late January, 2012.

It is important to note that the volume reflected on the 1099-K is based on actual transaction data rather than (as with your merchant statement) the settlement or funding date and, as a result, may not reflect the same volume totals as your monthly merchant statements. For questions concerning this information please contact your service provider as listed on your merchant statement.

Please see a sample 1099-K form below:

1099-K Sample Form