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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Companies that process less transactions and $20,000 in total payments will not receive the 1099-K form as they are considered seller and will not be reported on.
Calabasas, CA, May 04, 2011 --(PR.com)-- New for tax year 2011, banks, financial institutions and other payment service providers must report merchant card and third-party payments to the IRS through the mandatory 1099-K form. Businesses can thank section 6050W of the Housing Assistance Tax Act of 2008 for the new, sweeping reporting requirements, designed to narrow gaps in taxpayer reporting across more industries.