Do you have to file a 1099K? It is the new form which if you are a bank or a “third party settlement organization” you may have to report sales processed through you on form 1099K to the recipients of this money. If you take credit cards or paypal payments in your business you may receive at 1099K, but you probably will not have to file one. If you have to file a 1099K for services, you will not have to report this money on a 1099MISC. Here ia an article by Dale Pettit in Thompson Reuters corporate newsletter that discusses this a little further:
http://onesource.thomsonreuters.com/resource-center/july-2011/newsletter-article6/
Here are the IRS filing instructions for the 1099K:
http://www.irs.gov/pub/irs-pdf/i1099k.pdf
Just like other 1099s they are due to be filed February 29, 2012.
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