Notice from the Vermont Department of Taxes: If you are a business that takes credit card payments from customers, make sure the payments issued by the bank go to your business Federal Employer Identification Number, not your Social Security Number. If this income is not reported correctly on the 1099-K from your bank to the IRS, it may create discrepancies between income reported on the 1099-K and income you claim on your personal income tax.
If you have questions and need clarity about this information please call our office in Williston 802.878.1963 or Rutland 802. 775-7132 Vermont for guidance on specific situations. Davis & Hodgdon Associates CPAs has been assisting Vermont individuals and business owners with tax consulting and strategizing for more than 25 years.