The IRS is at it Again: New IRS Service Code Section 6050W
Starting January 2012, and annually thereafter, all merchants will be receiving a 1099-K from their credit card processor detailing what they transacted in credit and debit cards in the prior calendar year (in gross monthly and annual terms). This statement will also be reported to the IRS on the merchant’s behalf. In order to do so properly...
The Skinny on PCI Compliancy
Any business big, small or somewhere in between, that accepts credit cards is required to be PCI Compliant. This means that regardless of who processes your credit card transactions, how many transactions you run or how you run them, you have to abide by the requirements set forth by the security standards council. Unfortunately that also means…
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