Tax Information Reporting and Withholding Evaluations for IRC Section 6050W
Internal Revenue Code (IRC) Section 6050W requires certain companies to file information returns, Form 1099-K, and report payment card transactions, including debit, credit, gift cards, flexible spending account cards, as well as third-party network transactions on a gross payment basis. Given the time frame to evaluate processes, procedures and system capabilities and the potential for penalties, Section 6050W compliance has become an increasingly urgent issue.
How is your organization affected by Section 6050W? The answer depends on two key dimensions: an organization’s internal structure and its role in the payment transaction stream.
Explore how our Global Information Reporting and Withholding group can assist.
|Tax information reporting and withholding evaluations for IRC Section 6050W – Compliance Trends
Learn about compliance trends around IRC Section 6050W, which requires reporting of income for credit, debit and certain third-party settlement transactions.
|Section 6050W – Consideration of Notice 2013-56
Explore transitional penalty relief and schedule notices for incorrect name TIN/combinations.
|Alert: Form 1099-K Filers and Recipients
Understand certain notices that filers and recipients of Form 1099-K have been receiving over the course of the past few months and potential exposure areas to consider.
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