Beginning on January 1, 2011, merchants receiving over $20,000 in credit card, PayPal, and other forms of third-party payment transactions in a year must report the gross amount of the payments to the IRS on new Form 1099-K:
- IR 2009-106, IRS Issues Proposed Regulations on Reporting Requirement for Payment Card and Third-Party Payment Transactions
- Proposed Regulations
- Auction Bytes, IRS to Track Online Sellers' Payment Transactions Beginning Next Year
- Stacie's More Tax Tips, Have You Heard About Form 1099K?
- Tax Girl, Online Merchants Brace for New Reporting Requirements
(Hat Tip: Glenn Reynolds.)
