New Rules For Businesses Accepting Credit Cards

The IRS has implemented new compliance requirements through Internal Revenue Code Section 6050W that will affect all merchants (including government and non-profit entities). Beginning in calendar year 2011, all merchants will be required to report gross payments received through debit or credit card transactions to the IRS on an annual basis. To verify this reporting, banks and merchant service providers will be required to provide both merchants and the IRS with Form 1099-K by January of 2012.

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Author of novels and non-fiction articles for Internet magazines and publications. Legal, insurance, and risk management professional with over 35 years of diverse legal and management experience in business, financial services, the judicial system, and government. Has held high-level positions in federal, state and local government, including U.S. Associate Attorney General and Chief Justice of the Arkansas Supreme Court. Experience in all facets of management including supervision of financial operations and large legal staffs involved in civil litigation, tax, anti-trust, environmental and employment practices. Recent emphasis has been on risk management, regulatory oversight, and insurance. Knowledgeable and congenial leader who demonstrates the ability to analyze legal and business challenges and recommend and implement valuable solutions. Available to speak or conduct training sessions. Current clients include individual who had total fire loss of home and insurance company denying coverage for replacement, malpractice claim against insurance broker (successfully dismissed), and major company doing overall assessment of risk and insurance coverages. Specialties: Author, Lecturer, Law, Risk Management, Commercial Insurance, Negotiations, Mediation, Non-Profit Risk Analysis, and Finance.

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