Anyone here 1099s their Credit Card Processor? - GoFuckYourself.com

czarina · 02-09-2015, 10:28 AM

For instance CCBill, Epoch, etc.
They are providing a service for us and we are paying them (the percentage that goes to them from every sale). According to the IRS, we are supposed to 1099 them.
Anyone does it?

MakeMeGrrrrowl · 02-09-2015, 10:33 AM

Quote:

Originally Posted by czarina

For instance CCBill, Epoch, etc.
They are providing a service for us and we are paying them (the percentage that goes to them from every sale). According to the IRS, we are supposed to 1099 them.
Anyone does it?

Interesting question. I write off all the fees anyway, so I'm not sure how it would help.

Looking forward to other answers.

SuckOnThis · 02-09-2015, 10:49 AM

Only independent contractors that perform work for you that are not a corporation are 1099'ed.

czarina · 02-10-2015, 12:25 PM

Quote:

Originally Posted by SuckOnThis

Only independent contractors that perform work for you that are not a corporation are 1099'ed.

But... how do I prove to the IRS that I indeed paid all those thousands of dollars for processing fees? Isn't it better to 1099 them? I just found this online, from a CPA:
"You don't have to give a corporation a 1099, but if it is a very large item on your profit and loss statement, you can def give a 1099. Actually I would recommend you do.
Greg Freyman, CPA"
on this page:
https://www.askmehelpdesk.com/taxes/...9s-176600.html

tical · 02-10-2015, 12:37 PM

They should send you a 1099-K... i'm not sure if it's required though. Paypal, chase paymentech, bofa, and american express all sent them to me (non-adult)

Understanding Your Form 1099-K

CIVMatt · 02-10-2015, 01:35 PM

Anyone get their Chaturbate 1099?

Major (Tom) · 02-10-2015, 03:14 PM

Quote:

Originally Posted by MakeMeGrrrrowl

Interesting question. I write off all the fees anyway, so I'm not sure how it would help.

Looking forward to other answers.

You can only write off if it hits your account and is then deducted from your account. You can't write off fees that they wilthhold because you aren't being taxed on money you never received.
Duke

iSpyCams · 02-10-2015, 04:00 PM

I only report income that hits my account and debits that subtract from it. Imaginary money that I never see is not my problem, so far my accountant has no issues with that and likes the fact that my statements and balance sheets line up with my account statements to the penny every month.

kcampbell1 · 02-10-2015, 04:30 PM

Quote:

Originally Posted by SuckOnThis

Only independent contractors that perform work for you that are not a corporation are 1099'ed.

Correct !

selena · 02-10-2015, 04:57 PM

Quote:

Originally Posted by DukeSkywalker

You can only write off if it hits your account and is then deducted from your account. You can't write off fees that they wilthhold because you aren't being taxed on money you never received.
Duke

I don't have a CCBill account, but with a different type of processing fees, I claim the gross, and write off the fees.

Afaik, either way is fine. My CPA is ok with how I do it. I agree with you that you can't use the net figure and also deduct the fees.

NETbilling · 02-10-2015, 05:04 PM

Quote:

Originally Posted by DukeSkywalker

You can only write off if it hits your account and is then deducted from your account. You can't write off fees that they wilthhold because you aren't being taxed on money you never received.
Duke

You are correct!

Mitch

tinffx · 02-10-2015, 07:31 PM

I wouldn't send them out. Like everything else with taxes you really only ever have to prove what is questioned. If audited the IRS would want a lot more than a copy of a 1099 you sent out to prove you paid it out anyway. So there is really no benefit IMHO

epitome · 02-10-2015, 07:58 PM

Quote:

Originally Posted by MakeMeGrrrrowl

Interesting question. I write off all the fees anyway, so I'm not sure how it would help.

Looking forward to other answers.

You should let a professional do your taxes.

MakeMeGrrrrowl · 02-10-2015, 08:12 PM

Quote:

Originally Posted by DukeSkywalker

You can only write off if it hits your account and is then deducted from your account. You can't write off fees that they wilthhold because you aren't being taxed on money you never received.
Duke

I'm talking about the extra 2k they hit me with at the end of the month. Not what's not deposited.

I assume in this instance the OP is talking about fees like that in addition to processing transaction fees.

MakeMeGrrrrowl · 02-10-2015, 10:27 PM

Quote:

Originally Posted by epitome

You should let a professional do your taxes.

He's a little weird, but a real live CPA.

After reading someones Delaware incorporation thread I'm just annoyed though. Should have done that instead of in NJ.

iSpyCams · 02-11-2015, 07:16 AM

I got 1099 problems and a processor ain't one.

NETbilling · 02-11-2015, 01:21 PM

Quote:

Originally Posted by pompousjohn

I got 1099 problems and a processor ain't one.

OneHungLo · 02-11-2015, 01:32 PM

Quote:

Originally Posted by MakeMeGrrrrowl

I'm talking about the extra 2k they hit me with at the end of the month. Not what's not deposited.

I assume in this instance the OP is talking about fees like that in addition to processing transaction fees.

How are you writing off fees if you never actually accrued them? Didn't you say you were running a 7 figure business? lie much lol

MakeMeGrrrrowl · 02-11-2015, 01:49 PM

Quote:

Originally Posted by OneHungLo

How are you writing off fees if you never actually accrued them? Didn't you say you were running a 7 figure business? lie much lol

Let me say it s l o w l y for you. I am given the money as included in my GROSS income and reported to IRS, but ending each month they debit my bank account for ADDITIONAL fees which are reported in my GROSS income and soooo I write them off in addition to my transaction fees.

I really leave it to my CPA cause that's his job.

And no, I don't lie much.

punker barbie · 02-18-2015, 01:29 PM

Quote:

Originally Posted by CIVMatt

Anyone get their Chaturbate 1099?

They were sent to the mailing address on file. LMK if you didnt get it.

02-09-2015, 10:28 AM	#1
czarina Webmaster Extraordinaire Industry Role: Join Date: Jul 2002 Location: A beautiful beach... Posts: 10,745	Anyone here 1099s their Credit Card Processor? For instance CCBill, Epoch, etc. They are providing a service for us and we are paying them (the percentage that goes to them from every sale). According to the IRS, we are supposed to 1099 them. Anyone does it?

02-10-2015, 12:37 PM	#5
tical Confirmed User Join Date: Feb 2002 Location: Las Vegas Posts: 6,504	They should send you a 1099-K... i'm not sure if it's required though. Paypal, chase paymentech, bofa, and american express all sent them to me (non-adult) Understanding Your Form 1099-K __________________ 112.020.756

02-10-2015, 01:35 PM	#6
CIVMatt Amateur Pimpin Industry Role: Join Date: Aug 2004 Location: Orlando, FL Posts: 13,075	Anyone get their Chaturbate 1099? __________________ Make easy money with Webcams

02-10-2015, 04:00 PM	#8
iSpyCams Amateur Gynecologist Industry Role: Join Date: May 2009 Location: Medellin Posts: 4,436	I only report income that hits my account and debits that subtract from it. Imaginary money that I never see is not my problem, so far my accountant has no issues with that and likes the fact that my statements and balance sheets line up with my account statements to the penny every month. __________________ - As soon as I think up a good sig it's going here.

02-11-2015, 07:16 AM	#16
iSpyCams Amateur Gynecologist Industry Role: Join Date: May 2009 Location: Medellin Posts: 4,436	I got 1099 problems and a processor ain't one. __________________ - As soon as I think up a good sig it's going here.

02-09-2015, 10:49 AM	#3
SuckOnThis So Fucking Banned Join Date: Oct 2003 Location: In my head Posts: 6,844	Only independent contractors that perform work for you that are not a corporation are 1099'ed.

02-10-2015, 07:31 PM	#12
tinffx Registered User Industry Role: Join Date: May 2014 Location: DMV Posts: 26	I wouldn't send them out. Like everything else with taxes you really only ever have to prove what is questioned. If audited the IRS would want a lot more than a copy of a 1099 you sent out to prove you paid it out anyway. So there is really no benefit IMHO