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Form 1099-K for Tampa Florida: What You Should Know
Payment Settlement Entity: How to Obtain a Payment Settlement Entity Number Form 1099-K (Including Other Reports) Mar 30, 2023 — These new guidelines also apply to Form 1099-K, Payment Card and Third-Party Network Transactions, as defined in subsection (s) Payment Settlement Entity: How to Obtain a Payment Settlement Entity Number Sep 28, 2023 — The following additional reporting criteria become applicable: Form 1099-K Reporting Requirements — Florida Department of Revenue The Florida Department of Revenue has adopted a reporting requirement that a payment settlement entity must file a Form 1099-K with the Florida Department of Revenue reporting all payments that are settled for 600 or more, plus any income and gross amount of taxes due related to such a settlement. A payment settlement entity that fails to file a Form 1099-K and the Florida Department of Revenue will suspend the payment settlement entity's payment processing privileges for six months. Payment settlement entities may not submit payment-related disclosures in accordance with the regulations, other than under the procedures described above. If the payment settlement entity's payment processing accounts are suspended, the payment settlement entity will be unable to provide services to its clients. Payment settlement entities will be subject to additional sanctions if they fail to pay the due amounts for returns and payers. Reporting the Gross Amount of Payments Made with A Payment Settlement Entity's Account—Payment Settlement Providers Dec 4, 2023 — Beginning on the date of publication of this revenue ruling, payment settlement entities must submit Form 1099-K in accordance with the requirements specified above for any and all payments settled after the date of this revenue ruling. Annual Reporting Requirements for Payment Settlement Providers Annual reporting requirements for payment settlement providers are now established under Section 446.941(17)(A), Florida Statutes. Form 1099-K will be provided to payment settlement providers electronically through the payment settlement system that will be accessible to payment settlement providers in all fifty states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands by filing either an I-9 for international transactions or an application for an Individual Master File for domestic transactions. Payment Settlement Providers: Form 1099-K for Domestic Transactions Payment settlement providers must file a Form 1099-K in accordance with the following new requirements. When the payment resolution service provider receives an electronic payment settlement in connection with a return, it must report the gross amount of payments made with its account and payers.
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