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Registered
Join Date: Jul 2001
Location: Lawrenceville GA 30045
Posts: 7,459
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It is worth noting that smaller merchants are exempt from the reporting requirements. Payment service providers must submit 1099-K forms only for sellers with $20,000 in annual revenue and 200 transactions in the calendar year. Both conditions must be met to trigger the reporting requirement.
From:
Lawmakers Back Bill to Simplify 1099-K Reporting Requirements
also:
IRS Clarifies 1099-K Reporting for 2011 Taxes
IRS Clarifies 1099-K Reporting for 2011 Taxes | Reuters
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