New US law, form 1099-K

[tau]

Looks like IRS is required to fill new form 1099-K if a US based business entity was using payment providers for sales: Instructions forForm1099-K (2011)

Did anyone ask Apple about this?

I know that Paypal and Google will be sending those forms this year.

However:
"Automated clearing houses, healthcare networks, and accounts payable departments do not qualify as TPSOs and do not report under section 6050W."

Apple is sending money using ACH and that could be a loophole.

[delphipgmr]

Starting in 2011, all US payment providers including PayPal will be required by the Internal Revenue Service (IRS) to report sales information to the IRS about certain customers who receive payments for the sale of goods or services through PayPal. We want to help you understand these changes.

Applies to sellers receiving over $20,000 in gross payment volume AND over 200 payments

Applies only for sales on or after January 1, 2011

I assume its the same for everyplace

[tomtom100]

It will not apply to us because we can receive more than $20k payment but not over 200 payments. Apple only pay by country and that's less than 200.

Originally Posted by delphipgmr

Starting in 2011, all US payment providers including PayPal will be required by the Internal Revenue Service (IRS) to report sales information to the IRS about certain customers who receive payments for the sale of goods or services through PayPal. We want to help you understand these changes.

Applies to sellers receiving over $20,000 in gross payment volume AND over 200 payments

Applies only for sales on or after January 1, 2011

I assume its the same for everyplace

[forcesteeler]

Apple uses "Automated clearing houses" ACH Payments"

So the new law does not effect us.