1099-K, Instructions and a few helpful hints.

Whew! This year’s 1099 filing season has been a doozy!  Here at E-File Magic, January went by so fast, I’m not even sure if my coworkers or I walked away from our desks.  Thankfully, February is here, actually March is almost here, and we can get back to fun work, like talking about forms!

Today, I want to have a talk, a serious talk, about 1099-K’s.  Form 1099-K is an information form for certain payment transactions.  It’s a fairly new form and each year the IRS seems to either change, add or require more boxes to be filled in.   In my experience, the required box that tripped a lot of people up for the 2014 filing year was box 3, Number of Payment Transactions.  Which means the IRS would like you to disclose how many charges the Payee received.  Looking at the 2015 instructions (yes, they have already been released) the new required box for 2015 will be box 1b, Card Not Present Transactions. Which means, the IRS would like you to disclose how many transactions the Payee received without the card present.

The new 2015 instructions have already replaced the 2014 instructions from the IRS website.  But, I figured attaching instructions, even if they are for the next filing year are better than not attaching any. So here is the link to the 1099-K Form, enjoy!  i1099k