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Is The New 1099-K “IRS Reporting Fee” Justified?

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Amad Ebrahimi
Amad has worked in the eCommerce and online marketing world since 2002. He started as an eBay seller, then slowly graduated to building & marketing his own websites and consulting others to do the same. He founded Merchant Maverick out of frustration with all the misinformation and shady tactics that he encountered when trying to find a merchant account for his and his client's businesses. He's the man behind most of the merchant account reviews, and articles posted on MerchantMaverick.com. Have any questions related to credit card processing? Talk to him.
Amad Ebrahimi

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3 Comments

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    Purchasing Dept

    This fee is just another BS way of credit card processing companies to stick you with false fees just to jack up their bottom lines. First there’s a lot of other processing companies that do this for free. The entire time, merchant processing companies were always reporting a sellers credit card sales to the IRS. Its been going on for 20 plus years. Everything is done electronically and now they want to screw sellers (merchants) out of another $100 bucks plus a year for something they’ve always done for free for years. If you see this fee, dont bother signing up with them. Any merchant processing company that promises you low rates, there’s always a catch. Save 50 cents on one thing, they charge you $10 on the other. Just read your application before signing it, you’ll see the con job being done. And never believe positive reviews from any merchant company, believe the negative ones. You dont know who placed the positive reviews, which they just do that to lour you into a false sense of security. A bunch of these scam artist merchant processing companies will get hit with negative reviews from merchants being screwed by them, they just start up a new business name and hide behind that. When you get the application you’ll see the original name, alot of people dont google the name on the application, they sign it and then the nightmare begins.

      This comment refers to an earlier version of this post and may be outdated.

      Michelle

      I found an “IRS invalid fee” on my July 2011 statement. That is the most hectic time of year for our tourist industry. I didn’t get an answer about it and I was completely engrossed in the whole PCI compliance puzzle at the time (with Security Metrics) so I let it slip past. I was just reviewing my statements and see that not only was I charged a $20.00 “IRS Invalid Fee” but also a “Regulatory Fee” of $4.95 and a PCI Non-Compliance Fee of $20.00.
      (But every time I logged into the Security Metrics web page and entered my name, it told me that I was already enrolled…with no other place to go from that page. That is a whole story in itself…….they make alot of money keeping you confused.)

        This comment refers to an earlier version of this post and may be outdated.

        Astrid

        @Michelle,

        Yeah, there’s a difference between being enrolled with SecurityMetrics and actually being compliant. You should call their Tech Support (801-705-5700) team. They were really helpful at helping me get PCI compliant.

        As for your non-compliance fee… I know some banks charge some really crappy non-compliance fees monthly. And if you’re only enrolled with SecurityMetrics, and not *actually* PCI compliant, your bank can still charge you. Dumb, I know.

          This comment refers to an earlier version of this post and may be outdated.

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