All merchants who accept payments through
credit cards, debit cards, gift cards and PayPal will receive
information returns telling them - and the IRS - the gross
amount of the merchant card transactions. This will be broken
down month by month. While the form uses the word "card," the
IRS has made it clear that this is interpreted broadly to
include third-party network transactions (i.e., PayPal).
Exception: Very small merchants
won't be issued information returns. "Small" for this purpose
means annual gross sales on merchant cards of no more than
$20,000 or 200 or fewer transactions. In other words, reporting
is required only if gross amounts for the year exceed $20,000
AND there are more than 200 transactions.
|New tax law for online sellers
Everything you need to know about
Type information on the screen as it would be
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Furnish Copy B to the
January 31, 2013.
File Copy A of this form with the
IRS by February 28, 2013. If you file electronically, the due date is
April 1, 2013.
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