1099-K

[Kristi]

I just found out about the 1099-K form the IRS has been drafting the last few years.
According to CNNMoney.com this will take effect in 2012.

I printed a copy of the draft off the IRS website; now I need to find the instructions.

Is PowerChurch working on a form to be printed from PowerChurch?

[NeilZ]

I just found out about the 1099-K form the IRS has been drafting the last few years.
According to CNNMoney.com this will take effect in 2012.

I printed a copy of the draft off the IRS website; now I need to find the instructions.

Is PowerChurch working on a form to be printed from PowerChurch?

FWIW ... this does not look like its applicable to churches.

The draft says its: Form 1099-K is a new information return that payment settlement entities will use to report the gross amount of merchant card or third-party payments.

I'm not sure a church is a payment settlement entity.

The defining paragraph in the IRS release dated 11/23/09 says:

The new law requires banks and other payment settlement entities to report payment card and third-party network transactions with their participating merchants. The IRS emphasized that individual cardholders are unaffected by this requirement, and none of the cardholder’s personal information will be shared with the IRS.

[Kristi]

You are right Neil. I read the article wrong.