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Understanding the Form 1099-K

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Form 1099-K, IRS information return is used to report certain payment transactions to improve voluntary tax compliance.

You should receive Form 1099-K by Jan. 31 if, in the prior calendar year, you received payments from all payment card transactions (e.g., debit, credit or stored-value cards), and in settlement of third-party payment network transactions for goods or services that exceed $600. 

Please select this link to read more about the IRS' Form 1099-K.

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