Form 1099-K – This form is used to report merchant cards and third-party network payments. Payment Settlement Entities (PSE) use this form to report payments made in settlement of reportable payment transactions.
When Do You Need to File 1099-K?
- If you are a PSE
- If you made payments outside of the U.S. to an offshore account, under some circumstances
- Visit the IRS for a breakdown of these special circumstances
Form 1099-K Deadlines 2020
Forms must be transmitted to the IRS before the deadline. The due date for eFiling for Form 1099-K is March 31. If the due date falls on a weekend or holiday, it will be due the next business day.