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Old 02-15-2012, 10:12 AM
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IRS issues "New 1099-K Reporting Requirements for Payment Settlement Entities for 2012."

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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