The Internal Revenue Service (IRS) now requires “merchant acquiring entities” to report year-end, gross amounts of their merchant customers’ credit card, debit card, gift card, and e-commerce transactions by filing the 1099-K form.
MerchantConnect has been enhanced with an all-inclusive solution which allows merchants to reconcile the reportable gross sales settled at the Tax ID Number (TIN) level with Merchant Identification Number (MID) level credit, debit, and gift card transaction activity reported on their monthly statements.
The enhanced reporting site is found at www.merchantconnectsrs.com. Starting December 2011, merchants can view transaction activity for 2011. Upon receiving their Form 1099K in January of 2012, merchants can obtain information to assist the reconciliation process. The site can also be accessed from the MerchantConnect login page.
Click here to learn more about the new Merchant Reporting Requirments and MerchantConnect's SRS Tool.