USA Credit card deposits

[Vics]

I have 2 separate corporations and 1 merchant credit card account and 2 checking accounts, all deposited money goes into 1 corporation checking account and every day I reconcile both companies and transfer money out of 1 account to the other, I am afraid I feel that I will get audited or there will be legal issues? thoughts?? Should I open 1 bank account that is just a holding account and then transfer to each?

Vic

 

[Samir]

This all depends on which EIN is counting the sales. The IRS now tracks credit card receipts via a 1099K. You'd probably want a merchant account for each business if each is currently using the same account.