Letter on Reporting Merchant-Card and Third-Party Network


On behalf of the Retail Industry Leaders Association (RILA), I write to thank you for the relief that the Internal Revenue Service (Service) provided business taxpayers with respect to reporting of merchant-card and other third-party network reimbursements on their 2011 tax returns. The new Form 1099K required by § 6050W1 has raised a number of concerns for recipients of these new information forms, and the changes to new Line 1a of the U.S. Corporation Income Tax Return (Form 1120) and U.S. Income Tax Return for an S Corporation (Form 1120S) will help ensure orderly filing for 2011.

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