Form 1099-K

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Form 1099-K

A form that one files with the IRS to report the settlement of a debt on a gift card, credit card, or similar instrument by a third party.
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This occurs because participating payees may, for example, report card payments on a net basis in their income tax returns while PSEs report gross payments on Forms 1099-K.
Forms 1099-K are due to participating payees by Jan.
In general, the IRS uses information on Forms 1099-K to verify a participating payee's compliance with tax reporting requirements and to identify possible unreported income sourced to noncard payments (e.
Real Business Solutions have released new updates to their 1099 tax system with enhanced support for 2013 IRS forms 1099-K, 1099-MISC, 1099-INT, 1099-DIV, 1099-R, 1099- A, 1099-B, 1099-C, 1099-S, 1098-T, 1098, 1099-PATR & 1099-OID.