Self Made: NASE's Blog

IRS Pulls Back From Credit Card Reporting Requirement

Wednesday, February 15, 2012

Posted by Katie Vlietstra - In a move to alleviate growing concern within the small business community, the IRS announced last week that it would not require reconciliation on the 2012 form nor do they intend to require reconciliation in the future. Popularly dubbed 1099-K, the IRS would have required all business, including sole-proprietors, to reconcile credit card transactions.  

The NASE strongly advocated against the 1099-K line as it placed a significant burden on the tax filer and would potentially create an misguided audit target for the IRS. While we are pleased with the announcement, the NASE still supports legislation in both the Senate and the House that would restrict the IRS from reversing its decision and require reconciliation in the future.

Read more about the NASE's position here. The IRS updated FAQ can be found here.  


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Self Made

A blog on the self-employed and micro-business

Meet the NASE Staff Bloggers


Katie Vlietstra - As Vice President for Government Relations and Public Affairs, I work to explain how actions on Capitol Hill can impact the self-employed. I love D.C. and have made my home in Capitol Hill, where I live with my husband and black Labrador, Coltrane. We love playing volleyball and softball on the National Mall. 

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