Regulatory Accounting Assistance Program (RAAP)
Making it easy for you to comply with the IRS card payment acceptance rule
Primary Feature:
Online Reconciliation: capability to view existing payment accounting and compare against gross payments reportable to the IRS
benefits:
- Explanation of computed amounts reported
- Reconciliation of paid versus reported sales for merchant tax return
- Integration with merchant online portal
- Information can be exported via Excel and imported to tax software if compatible
Important Dates:
- January 2016-December 2016. Data collected for year-end reporting
- January 2017. From 1099-K must be mailed to merchants by January 31, 2017
- March 2017. Merchant Forms must be filed with the IRS