New Government ePayment Regulation Costs Small Business $10 Billion

The small business economy is suffering considerable harm from new regulations being enforced by the IRS this year. There?s a new tax form that?s causing this trouble for small business owners who collect ePayments and conduct eCommerce. The IRS Form 1099-K requires merchant processors and third-party payment processors, such as PayPal and Square, to report the income that individuals and small businesses were paid through their services to the IRS in 2011. ?The IRS estimates that 53 million of these forms should have been sent for tax year 2011, making it the 10th highest volume tax form in it?s first year of existence. That?s a lot of small businesses being hit by the implementation of Internal Revenue Code Section 6050W.

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