Form 1099-K is an information return, which is provided to the merchants who have 20,000 or more transactions and summing more than $ 200,000 during the tax year through debit or credit cards, else through electronic payments like Paypal. Financial institutions like a bank will process the payments and send a copy to the Internal Revenue Service. The IRS has started utilizing the information on the Form 1099-K to question if the merchants are reporting their income...
What To Do If You Receive a 1099-K Notice From the IRS?
February 19, 2019