If you sell goods and services and are paid through a third-party settlement organization (TPSO), such as PayPal, the IRS changed the likelihood of your receiving a 1099-K.

Here’s what you need to know about IRS Form 1099-K.

What Is Form 1099-K?

IRS Form 1099-K, Payment Card and Third Party Network Transactions, is used to report to the IRS payments for sales of goods and services where payment is made (a) with a payment card or (b) through a TPSO.

The payment card company or TPSO sends the required 1099-Ks to the recipient, the IRS, and the recipient’s state tax department. The deadlines for filing are1

January 31 for payees (those who received the money), and

February 28 for the IRS copy, or March 31 if filed electronically.

The rules for when Form 1099-K must ... Log in to view full article.