businesses face 什么意思_百度知道
businesses face 什么意思
商业面对，意思是。face此处是动词请给出完整的句子或上下文。从字面上将
其他类似问题
其他1条回答
等待您来回答
下载知道APP
随时随地咨询
出门在外也不愁What does the Olympics mean to Chinese businesses?What are the opportunities and challenges brought by the Olympics to the Chinese Businesses?How should Chinese businesses face the competition with foreign companies?请教各位强人哥哥姐姐们,这三个题目用英语回答_百度作业帮
What does the Olympics mean to Chinese businesses?What are the opportunities and challenges brought by the Olympics to the Chinese Businesses?How should Chinese businesses face the competition with foreign companies?请教各位强人哥哥姐姐们,这三个题目用英语回答
What are the opportunities and challenges brought by the Olympics to the Chinese Businesses?How should Chinese businesses face the competition with foreign companies?请教各位强人哥哥姐姐们,这三个题目用英语回答该是怎样啊?
奥林匹克对中国商人意味着什么?奥林匹克带给了中国商人什么机遇与挑战?中国商人应该怎样面对与外国公司的竞争?PS:businesses可能不是商人的意思,也许是商机或是生意之类的
rising prices1099-Ks: Small businesses face new penalties, paperwork for tax reporting
& 1099-Ks: Small businesses face new penalties, paperwork for tax reporting -
1099-Ks: Small businesses face new tax paperwork, penalties
IRS changes rules to stop under-reporting of credit card sales
The jig is up for businesses who have kept the
Internal Revenue Service in the dark about sales they've made using credit
cards, PayPal or similar services.
Banks that issue credit cards, as well as third-party
settlement organizations such as PayPal, have been enlisted by the IRS as as tax-collecting enforcers by the IRS: They are now required to withhold 28 percent of
gross receipts from merchants that have not provided their companies' correct
taxpayer identification number or tax filing name.
Many credit-card issuing banks already require a
retailer to submit a W-9 to open a merchant account. However, if they
submitted incorrect information to evade the law, they might get snagged.
&Our law is pretty clear,& says Michael Williams, a
New York City-based CPA at Schulman Lobel
Wolfson Zand Abruzzo Katzen & Blackman LLP. &It says income is
income. You must report it.&
The change is a result of the Housing Assistance Tax
Act of 2008. It ushered in Internal Revenue Code Section 6050W, which required banks
to send merchants 1099-K forms by Jan. 31, 2012, listing the merchant's gross annual
receipts. Third-party settlement organizations such as PayPal and Google must do
the same for merchants that have gross receipts greater than $20,000, and more than 200
separate payments in a calendar year.
Both banks and third-party settlement organizations will have to send a corresponding 1099-K form to the
IRS by March referencing a business by tax identification number and tax filing
Payment processors had to start issuing 1099-Ks in
2012 for the 2011 tax year. For 2012, the IRS waived the 28 percent withholding
penalty because the law was new, but this year, it will be enforcing this
provision and imposing penalties on banks and payment processors that don't
Closing the reporting gap
The law is aimed at raising revenue for the federal
government, which is looking for ways to reduce a $385 billion tax gap that the
IRS estimated for 2006. When Congress initially considered the proposal for the
law in 2008, the Joint Committee on Taxation estimated that it would raise more
than $9.5 billion over 10 years. Much of the tax gap has been attributed to
merchants that have avoided paying some taxes because they didn't report all of
their income.
Card issuers and payment processors aren't eager to withhold money their customers have earned using credit cards, according to Jeff
Cronin, vice president of product marketing at Convey Compliance Systems, a Minneapolis-based provider of 1099 software and service for businesses.
&That's the last thing they want to
do,& he says. &They don't want to withhold on them.& Convey has done direct
mail and phone campaigns to collect information from merchants for its banking
clients so they can avoid imposing the 28 percent withholding, he says.
Nonetheless, there may be a bit of
a scramble this year, as credit card issuers and other processors catch up to
the new requirements.
&We found a lot of clients didn't pay enough
attention last year, when they got their free pass,& Cronin says.
What to file
To avoid inadvertently triggering the withholding
provision, merchants should be careful that their banks and third-party
settlement organizations have a current W-9 on file for them and make sure that
their federal tax identification number and tax filing name matches the
information the IRS already has on file for them in their SS-4, the form they
used to apply for their tax ID, say accountants.
&The only reason starting in 2013 that backup
withholding would be triggered is if the merchant has failed to supply the
basic information to their clearinghouse,& says James A. Smith, CPA and managing director of &Smith, Jackson, Boyer & Bovard, PLLC, a
public accounting firm in Dallas. &If the clearinghouse has that, there would
be no reason for them to do backup withholding with one other exception: If you
are delinquent in paying your taxes. If the merchant owes the IRS money, the IRS
can notify all payees of any kind for that merchant to implement backup
withholding.&
It is also important for merchants to keep careful
records of remittances so it is possible to compare them to their 1099-Ks to
make sure there are no errors, he adds.
It's not anything to panic about unless you haven't been reporting your income -- in which case, it's game over.
James A. Smith
CPA, Smith, Jackson, Boyer & Bovard
&It's not anything to panic about unless you haven't
been reporting your income -- in which case, it's game over,& he says.
It's common for the number on the 1099-K to differ
from a company's total gross receipts, because many businesses also accept
other forms of payment, such as checks, he adds. &The merchant can attach a
statement to their return reconciling the 1099-K to the amount they are
actually reporting,& says Smith.
Cronin anticipates some small merchants that have accepted credit cards will try to avoid the new requirements by encouraging
customers to switch to another form of payment -- such as cash.
&It is possibly going to put some people in a situation where they are not going to want to take cards,& he says.
See related:
Published: February 1, 2013
Join the discussion
We encourage an active and insightful conversation among our users. Please help us keep our community civil and respectful. For your safety, do not disclose confidential or personal information such as bank account numbers or social security numbers. Anything you post may be disclosed, published, transmitted or reused.
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.
The editorial content
is not sponsored by any bank or credit card issuer. The journalists in the editorial department are separate from the company's business operations. The comments posted below are not provided, reviewed or approved by any company mentioned in our editorial content. Additionally, any companies mentioned in the content do not assume responsibility to ensure that all posts and/or questions are answered.
Three most recent Merchant accounts stories:
& Chargebacks are a costly and unfortunate fact of life for many small businesses that accept credit cards. However, there are ways you can protect yourself against unfair chargebacks ...
& Follow these tips to get your small business ready for the switch to EMV chip-card technology ...
& Five years into its existence, the virtual currency bitcoin is gaining legitimacy with major U.S. retailers. Small-business owners may find new opportunities in joining them, but should carefully weigh the risks before jumping in ...
Did you like this story? Then sign up ’s weekly e-newsletter for the latest news, advice, articles and tips. It's FREE. Once a week you will receive the top credit card industry news in your inbox. Sign up now!
Share This Story
Follow Us!
Get the latest news, advice, articles and tips delivered to your inbox. It's FREE.
Quick Links
ADVERTISEMENT
Related Sites
International Sites许春娜定稿_百度文库
两大类热门资源免费畅读
续费一年阅读会员，立省24元！
评价文档：
许春娜定稿
阅读已结束，如果下载本文需要使用
想免费下载本文？
把文档贴到Blog、BBS或个人站等：
普通尺寸(450*500pix)
较大尺寸(630*500pix)
你可能喜欢}