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IRS to demand new reconciliations

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The IRS plans to require credit card and other firms that process transactions to report gross network transactions to participating merchants—and the IRS—annually starting next year. The IRS will use the reports as it does W-2s and 1099s. Thus, a company whose gross receipts differ from those in these reports will be audited or asked to explain the differences. That means each business  will have to monitor and reconcile the reports and, if there are errors, request corrected statements. [IR-2009-106; REG-139255-08, Income Tax Regs].

Stay tuned for further updates as they become available.

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Nancy Smyth, Certified QuickBooks ProAdvisor

Nancy Smyth, Sunburst Software Solutions, Inc.
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I've been using and supporting QuickBooks products since the early 1990's. I've worked with thousands of contractors, assisting them with QuickBooks setup, Certified Payroll Reporting requirements, AIA Billing and Weighted-Average Overtime.


QuickBooks is a powerful product, but learning how to use it in your construction business can be difficult. I hope you find resources available here to be helpful.

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