| IRS announces the 1099-K Reporting Requirements for Payment Settlement Entities
IRS has announced that , "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":
1) All payments made in settlement of payment card transactions (e.g., credit card);
2) Payments in settlement of third party network transactions if;
...(i)Gross payments to a participating payee exceed $20,000; and;
...(ii)There are more than 200 transactions with the participating payee.
Filing Deadlines & Procedures
Further, per the IRS, "the 1099-Ks are due to merchants by January 31, 2013. Electronically filed 1099-Ks are due to the IRS April 1, 2013 (normally March 31), while paper 1099-Ks are due February 28, 2013."
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