How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Robin D. Your Own Question
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15180
Experience:  15years with H & R Block. Divisional leader, Instructor
14155347
Type Your Tax Question Here...
Robin D. is online now
A new question is answered every 9 seconds

Credit card company withheld back-up money from gross collection.

Customer Question

Credit card company withheld back-up money from gross collection. Never submitted funds to IRS. No record in IRS of withholding although 1099K was received
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.
HelloDoes the 1099K show the withholding?
Customer: replied 1 year ago.
Yes, including the correct TIN
Expert:  Robin D. replied 1 year ago.
Then you should file showing the same taxes as shown on the 1099K.Taxes withheld are the responsibility of the third party (credit card processor) to submit to the IRS. When those that withhold do not remit they are the ones the IRS will contact for the taxes that show on the 1099K.You need to file your return and report the taxes withheld.