Posts tagged 1099

What is this a 1099-K?

If you a business owner or service provider of any sorts, you should be familiar with the 1099 form, especially if you are an independent contractor.  Starting this year in 2012, any gross amount of income that you received in 2011, that was settled by a  third party network for example eBay’s PayPal, Google Wallet, or Amazon will now be reported on a new tax form called the 1099-K Merchant Card and Third Party Payments form.  This new 1099-K tax form has been considered a way for the IRS to flag upcoming audits.  Read more here.

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