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Form 1099 K Reporting Requirements for Payment Settlement Entities

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:

  • All payments made in settlement of payment card transactions (e.g., credit card);
  • 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.

Verification Processes

We verify that tax returns are correct and complete using the following processes:

Filing Deadlines & Procedures

Your Form 1099-Ks are due to merchants by January 31. In addition, your Form 1099-K is due to the Internal Revenue Service by the following dates: 

More Information

You can find more about the 1099-K and other information returns at our Third Party Reporting Information Center.
 

 

Page Last Reviewed or Updated: 13-Mar-2017