IRS to Track Online Sellers’ Payment Transactions
Barbara Weltman
AuctionBytes.com
March 7, 2010
Internet sellers who don’t report their sales will no longer be under the radar. Starting next year, any bank or other payment settlement company that processes credit cards, debit cards, and electronic payments such as PayPal will have to issue information returns telling the IRS what merchants receive. The new returns are Form 1099-K, Merchant Card and Third-Party Payments.
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