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New Form: 1099-K

This year the IRS added a new form: 1099-K. The 1099-K is being sent by banks and other institutions to businesses that accept credit card or PayPal payments. The forms were scheduled to be sent by January 31, 2012. This reporting doesn’t impose new taxes. It is just meant to help the IRS make sure that all gross income is reported.

If you receive a 1099-K, you must report the amounts, however the IRS has postponed for at least one year a requirement to put the 1099-K amounts on a separate line on your tax return.

You do need to be on the lookout for companies issuing both a 1099-K and a 1099-MISC for the sale of the same service. If you do, contact the company to ask for a correction.

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