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SSA/IRS Reporter

Issue Number:  2012-3

Inside This Issue

1. Reporting 1099-K income for 2011
2. IRS compliance directors discuss top priorities and challenges
3. Upcoming phone forums from Employee Plan phones
4. Recent IRS announcements  

IRS.gov has information for reporting the amount from Forms 1099-K, Merchant Card and Third-Party Network Payments, on tax returns including Form 1040 Sch. C, Sch. E and Sch. F; and Forms 1065, 1120 and 1120-S.

Report all gross receipts on the line indicated in the instructions and enter zero on the "Merchant card and third party payments" line.

Related links:

• Understanding Your 1099-K
• Third Party Reporting Information Center

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The recent webinar, Small Business Tax Compliance Priorities for 2012, is now available on the IRS Video Portal.

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IRS is offering two free phone forums on retirement plan topics:

• Feb. 23, Funding-Based Benefit Restrictions
• March 6, 401(k) Questionnaire Interim Report

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• Tax Tip 2012-16, Tax Tips for the Self-employed
• Tax Tip 2012-17, Online Tax Center Offers Tools and Resources for Small Businesses and Self-Employed
• IR-2012-13, Identity Theft Crackdown Sweeps Across the Nation; More than 200 Actions Taken in Past Week in 23 States
• IR-2012-11, On Earned Income Tax Credit Awareness Day, IRS and Partners Launch Outreach Campaign to Low- and Moderate-Income Workers

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