2017 IRS Reporting Requirements

ABC Financial would like to remind you of the IRS reporting requirements covering 1099-K’s.  The 1099-K was sent out to all clients that had any credit card collections in the 2016 calendar year.  The 1099-K’s were printed by January 31, 2017, and was from ABC Financial for your recurring billing.  It includes all Visa, MasterCard, Discover and American Express credit card collections. If you use ABC Merchant Service for your point of sale transactions, you will also receive a 1099K from Merrick Bank for your Visa, MasterCard and Discover collections and American Express if you were enrolled in the Opt Blue program. Any point of sale merchant account with a direct American Express relationship will receive a third 1099-K directly from American Express.  ABC Financial will have to file with the IRS by March 31, 2017, so any changes will need to be submitted by March 24, 2017 to clientsetup@abcfinancial.com

Please refer to https://www.irs.gov/businesses/understanding-your-1099-k if you would like more information regarding the 1099-K mandate. If you still need help or have other questions you can email clientsetup@abcfinancial.com or call 1-888-622-6290.  You ca also call your Account Executive or call client services for additional help.  An IRS W-9 form (https://www.irs.gov/pub/irs-pdf/fw9.pdf) will be required if there are any changed that need to be made to the legal entity or tax identification number.

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