The IRS recently released an updated version of Form 1099-K, the form used to report payment card and third-party network transactions, and its accompanying instructions. Changes to the form itself were minimal, falling in line with changes made to several other forms in the 1099 series. These include adding a notice about the 10 form electronic filing threshold and making the form year box completely fillable. As with the updates done with many forms recently, Copy C was also removed from the downloadable PDF of the form. Two notes were added to the instructions included with the form. The first directs a recipient to an information page to help them understand why they received a Form 1099-K. The second explains what the gross amount reported on Form 1099-K refers to.
The instructions received some updating including a notice about the $600 or greater filing threshold application. There were some minor language and section titling changes dealing with payment settlement entities (PSEs) which served to simplify some of the language previously found in the instructions.
For more information on Form 1099-K along with links to the form and instructions, click here.
