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Odessa Texas online Form 1099-K: What You Should Know

Form 1099-K, Payment Card and Third Party Network Transactions. Under the Internal Revenue Code, the IRS聽 must determine whether a person receiving a payment from a third party (e.g., payment card network, etc.) is a person to whom tax will be paid (e.g., income tax, Social Security, Medicare, etc.) for a taxable聽 period. The following information must be provided for each month a payment was made to or through the third party. Form 1099-K. The form is filed electronically on Form 1099-K (for reporting purposes only) each聽 month.聽All required information must be provided as specified below, unless you聽 have designated an authorized user of the form (e.g., payroll processor, business partner,聽 etc.). Form 1099-K: Payment settlement entities pay third parties for settlement services. You must provide information required to determine the gross income of the third party(s). This information will be determined using the information you entered the relevant fields of the payment settlement entity's income tax return and the information on your Form W-7, Wages. Generally, payment settlement entities must provide the following information for taxable periods to which they provide, as applicable: 路 Name of third party 路 Gross income of each third party for the period including amounts paid to or through the third party over a period of 12 months or more 路 Information on how the third party performed the settlement services in accordance with the contract You must provide the following information for taxable periods to which you provide, as applicable: 路 Name of third party 路 Gross income of each third party for the period including amounts paid to or through the third party over a period of 12 months or more 路 Information on how the third party performed the settlement services in accordance with the contract The information you provide in your Form聽W-7, Wages, will be sent to the third party on the tax return you聽 used to pay income taxes.聽Payroll Processing Services must obtain these forms and pay any聽 federal, state, or local income tax due to the Internal Revenue Service on your behalf. Other Information Required by the IRS to Determine Your Gross Income You may provide other information if you wish to do so, but it must be provided to聽 the IRS in a timely manner.

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