For tax year 2011, the IRS asks recipients of the Form 1099-K, Merchant Card and Third–Party Network Payments to include the business income from 1099-Ks as part of the aggregate total with other business receipts on their tax returns.
Please note: This does not change the requirement that responsible entities file and furnish Forms 1099-K for 2011.
Form 1099-K, Merchant Card and Third Party Network Payments
A payment settlement entity (PSE) must file Form 1099-K for payments made in settlement of reportable payment transactions for each calendar year. A PSE makes a payment in settlement of a reportable payment transaction, that is, any payment card » Read more..