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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243) The taxicab companies would receive a Form 1099-K from banks with respect to credit card payments, and would (as aggregate payee) in turn issue a Form 1099K to each independent contractor driver.
110-289, the Form 1099K information reporting rules require payment settlement entities (PSEs) to report to the IRS the gross dollar amount of card or third-party network payments processed for participating payees.