How the 1099-K will change small-business record keeping

01/25/2012 | Bloomberg Businessweek · Entrepreneur online

A new tax form, called the 1099-K, is being introduced to make sure online sellers report their income correctly. The new form, which payment processors will send to merchants that exceed a certain sales threshold, might be incentive for small-business owners to step up their record-keeping efforts, said Steven Aldrich of Outright.com. "The problem is that most small-business owners are still using paper and pencil and spreadsheets to track their business data. This reporting is really a clarion call to move those people into the digital age," he explained.

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Bloomberg Businessweek · Entrepreneur online

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