New IRS regulations?
 

Got this email from Epoch today....,.

"We are writing to you today regarding new IRS regulations that affect ISOs, acquiring banks, processors, third-party payment providers and ACH processors.

The new IRS regulations require that, beginning in 2011, all banks and processors report clients' gross credit card, debit card, ACH, and third-party receipts via 1099-K forms. Epoch will provide you a copy of this report when it is filed in 2012. Further information regarding these regulations can be found at http://www.irs.gov/irb/2010-43_IRB/ar08.html. If you have any questions about these new IRS regulations, you should speak to your accountant or tax attorney."

Anyone else get this???

no mail from epoch received :confused:

I'm surprised this hasn't been mentioned on any of the other adult boards yet. Or maybe it already has a while ago. I guess doing a Google search, this isn't a new thing:

http://www.gaebler.com/IRS-Form-1099-K.htm

I have questions though.....if processors like CCBill and Epoch (and others) are going to be reporting our GROSS credit card sales to the IRS, are they ALSO going to be reporting chargebacks, voids, refunds and affiliate sales?