Comments on: I need to know about the IRS and merchant accounts? http://findyourmerchantaccount.com/502 The Best Merchant Account Reviewed Sat, 21 Apr 2012 14:07:05 +0000 hourly 1 By: bostonianinmo http://findyourmerchantaccount.com/502#comment-516 bostonianinmo Thu, 18 Jun 2009 07:19:22 +0000 http://findyourmerchantaccount.com/502#comment-516 As far as the IRS is concerned, this is YOUR account and YOUR money. You may be able to explain it away IF your family member properly reports ALL of the income, but why take the risk? (And as the business license is in your name, guess who will be sued if anything goes wrong with the business. Hint, it won't be her!) It's time for her to sort out her banking issues herself and at that income level she should be able to afford whatever professional assistance that she needs to do so. As far as the IRS is concerned, this is YOUR account and YOUR money. You may be able to explain it away IF your family member properly reports ALL of the income, but why take the risk? (And as the business license is in your name, guess who will be sued if anything goes wrong with the business. Hint, it won’t be her!)

It’s time for her to sort out her banking issues herself and at that income level she should be able to afford whatever professional assistance that she needs to do so.

]]> By: v b http://findyourmerchantaccount.com/502#comment-515 v b Mon, 15 Jun 2009 19:22:58 +0000 http://findyourmerchantaccount.com/502#comment-515 Funny that you should ask. One of the sections of the Housing rescue bill that Bush is expected to sign this week has a provision that the banks will start issuing the holder of record (you) a 109X form if transactions exceed $20,000. Once these start being issued, you can get bet you will get mail asking why the money isn't reported on any tax return that you sign off on. Funny that you should ask.

One of the sections of the Housing rescue bill that Bush is expected to sign this week has a provision that the banks will start issuing the holder of record (you) a 109X form if transactions exceed $20,000.

Once these start being issued, you can get bet you will get mail asking why the money isn’t reported on any tax return that you sign off on.

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