Beginning in January 2012, the Housing Assistance Tax Act of 2008 requires payment settlement entities (PSEs) to report on Form 1099-K the following transactions:

1.    All payments made in settlement of payment card transactions (e.g., credit card);

2.    Payments in settlement of third party network transactions IF:

            a.    Gross payments to a participating payee exceed $20,000; AND

            b.    There are more than 200 transactions with the participating payee.

The required 1099-Ks are due to merchants by January 31, 2013. Electronically filed 1099-Ks are due to the IRS April 1, 2013 (normally March 31), while paper 1099-Ks are due February 28, 2013.

Check IRS for more information.

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