Everything Online Business Owners Should Know About IRS Form 1099-K

Key Takeaways

• Form 1099-K includes the annual gross amount of all reportable payment transactions made through a payment card or third-party payment network.

• Third-party network settlement organizations generally include banks or other organizations that process credit card transactions for a merchant.

• These organizations also include services like PayPal, Venmo, and CashApp, which settle payment card transactions.

• Online auction payment facilitators and marketplaces that connect independent sellers with customers, such as eBay and Etsy, or gig-worker platforms like Uber and Lyft also generally act as third-party settlement organizations.

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