Bob,
This is the first year that Apple is issuing 1099-K forms, though by my reading of the tax code they should have been issued last year too [1]. They haven't done any tax forms at all in the past.
You'll only get one if you meet the criteria for them having to send it - more than $20,000 in unadjusted gross sales (that is, before Apple's 30%) and more than 200 transactions during the calendar year.
[1] http://www.irs.gov/Businesses/New-1099-K-Reporting-Requirements-for-Payment-Settlement-Entities
-Evan
On January 30, 2014 at 11:11:38 PM, Bob Estes (estes@onscreen-sci.com) wrote:
Is this new? I've never received any kind of tax form from Apple, including this year so far. I just keep my own records of sales and receipts. --On Jan 30, 2014, at 8:53 PM, Evan D. Schoenberg, M.D. <evandschoenberg@gmail.com> wrote:
Got my 1099-Ks from Apple today, and of course they are non-reconcileable with actual $ received. My plan is to continue to use cash basis accounting for my taxes, effectively ignoring the 1099-Ks. Does anyone have a different plan and/or information from a tax pro about how best to handle this?
-Evan
--
Evan D. Schoenberg, M.D.
CEO, Regular Rate and Rhythm Software
Fellow, Cornea and Refractive Surgery, Price Vision Group
evan.d.schoenberg@gmail.com | 256-454-2831
www.regularrateandrhythm.com
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