Per the IRS, "Beginning in January, 2012, payment settlement entities (PSEs) are required by the Housing Assistance Tax Act of 2008 to report on Form 1099-K the following transactions as follows:
1. All payments made in settlement of payment card transactions (e.g., credit card);
2. Payments in settlement of third party network transactions IF:
-Gross payments to a participating payee exceed $20,000; AND
-There are more than 200 transactions with the participating payee.
Filing Deadlines & Procedures
The 1099-Ks are due to merchants by January 31, 2012. Electronically filed 1099-Ks are due to the IRS April 2, 2012 (normally March 31), while paper 1099-Ks are due February 28, 2012.
For more information on this topic please click the following link below.
New 1099-K Reporting Requirements for Payment Settlement Entities
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