received 1099-k on credit card merchant account

nobody999 · #1 01-24-2012

a friend of mine bought a brick and mortar business in december. they applied for a credit card merchant account and did about 6k in december. a few days ago they get a 1099-k from credit card processor.;m wrong. Correct me if i'm wrong but i thought 1099-k was for 200 transactions and 20k in sales.

KingRay · #2 01-24-2012

Its only REQUIRED if it hits those marks. They should file one if you are a business in any way.

Probably what paypal will do as well for ANYONE that has upgraded to a business account.

I expect 1099's for all accounts I have even one that only hit 5k. They are supposed to send them for businesses anyway regardless.

Something I have been talking about for awhile now and no one seems to believe me. We will see I guess.

GreenBean · #3 01-24-2012

Get your friend to pay for professioal advice.

Replies on taxes for a third party are not for here.