Tag: Form 1099-K
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
New Payment Card Reporting Requirements – FAQ
What is section 6050W of the Internal Revenue Code? Section 6050W was added by section 3091 of the Housing Assistance Tax Act of 2008 and requires information returns to be made by certain payors with respect to payments made in
Reporting on Merchant Payment Cards – Form 1099-K
Whose merchant card payments must be reported? Merchant acquiring entities must report the gross amount of reportable transactions of any payee for whom they settle payment card transactions. A reportable payment card transaction is any payment in which a payment
