IRS Wants Online Merchants to Report Online Revenue Beginning 2011 Tax Girl: “tucked in the middle [of the Housing Assistance Tax Act of 2008] is a new requirement that banks and credit card merchants to report payments to the IRS. . . . . What this means is that taxpayers who have a credit card merchant account, Paypal account or similar account and otherwise meet the criteria will receive form 1099-K from their service provider at the end of the year. The form 1099-K will report the gross amount paid out to the taxpayer with no adjustments for fees or chargebacks (an issue that is, admittedly problematic).” Here’s the 1099-K form: Related posts: Settlement of Disputed Debt Does Not Result in Cancellation of Debt Income IRS Debunks Common Frivolous Anti-tax Claims Made by Ignorant Idiots New Federal Law to Find Tax Evaders Denounced Treasury Study Finds Massive Fraud with First Time Home Buyer Credit Report Shows IRS has ‘Unacceptable’ Customer Service The Income Tax Ranking Calculator – See Where Your Income Puts You in Relation to All Other U.S. Taxpayers 1.2 Million Tax Returns Filed for 2007 Reported Wages Earned on Another Taxpayer’s Social Security Number Obama & Dems Want to Ram a Stake in the Heart of the Residential Real Estate Market & Cripple It by Eliminating the Home Mortgage Interest Deduction DOJ Sues to Prevent $562 Million in Bogus Tax Refunds Expiration of Bush Tax Cuts will Hit Poorest Hardest On the Net2017-06-02T21:13:10-07:00 Share This Story, Choose Your Platform! FacebookTwitterLinkedInPinterestVkEmail Leave A Comment Cancel replyYou must be logged in to post a comment.