Billed annually in March, RAAP gives you access to manage your reporting requirements— electronically providing you with easier and faster results than traditional paper research and accounting.
RAAP is an online, web-based portal integrated within accessmyiq.com that provides merchants with tax reconciliation and reporting services. Merchants have the ability to view, print, and download existing payment accounting data and compare that against gross payments, which are required to be reported to the IRS. This tool is available to merchants with a 52000 merchant ID.
Box 1 of the 1099-K will contain the gross sales amount of the merchant’s card/third-party network payments for the entire calendar year and for each month. If the merchant’s business is typical of most, they will issue credits or returns to their customers’ cards occasionally and, in many instances, may experience chargebacks. This will cause the gross amount reported to the merchant on the 1099-K to be different than the net amount of card transactions settled to the merchant.
Determining the gross vs net amount can be an accounting challenge for many merchants and their tax preparers. With RAAP, Merchants can have the following:
- Explanation of computed amounts reported
- Reconciliation of paid versus reported
- Sales for merchant tax return
- Integration with online merchant portal
- Information can be exported via Excel and
- imported to tax software if compatible
Billed annually in March, RAAP allows you to manage your reporting requirements— electronically, providing easier and faster results than traditional paper research and accounting.
Click here for an in-depth RAAP Brochure if you have a 52000 Merchant ID.
For questions about RAAP or help getting access to this tool, please call 877 277 6072.