The new payment processor reporting requirements proposed by the IRS are fairly standard and meeting little, if any, opposition or objections from the business community. Therefore, they are likely to become the way things are done beginning in tax year 2011.
The proposed procedures would require that sales payments made through online payment processor be reported at gross amounts received before any and all deductions by the payment processor, such as deductions for fees, charge-backs, refunds and the such. Transfers to and from one’s bank account should not be reported as sales. However, it is wise to double check the numbers if it is not clear from the monthly statements and year-end totals that these transfers are not included in the “gross receipts” being reported to the IRS.
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