IRS updates 1099-K frequently asked questions

In an effort to provide more resources for taxpayers during this filing season, the IRS revised frequently asked questions (FAQs) for Form 1099-K, Payment Card and Third Party Network Transactions. The FAQs now offer more general information, common situations, along with more clarity for industry and identifies which organizations should send Forms 1099-K. The FAQs are in addition to the recently updated Understanding your Form 1099-K webpage on IRS.gov and an informational IRS video about 1099-K.