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November 17, 2011


Cindy Galford

Are the dates for the 1099K to be sent out the same as the 1099misc? I haven't seen dates on them and am concerned about my farm clients that will be receiving them and have to be filed by March 1.


I haven't seen anything that gives them a later target date. But the IRS has given filing reprieves to brokers so I won't rule anything out.


You WILL get the 1099K, even if you received less than $20,000/200 transactions. That exclusion is for 3rd party processors like Paypay. Please correct that mistake in your article.


Has been changed, thanks for the catch.


I do not see any supporting data from the IRS.gov website that the $20,000/200 threshold applies only to 3rd party processors. Please provide if anyone knows where that is outlined.
Also - Schedule C instructions for 2011 say you do not have to use line 1a this year - to enter -0-.


The IRS FAQs for 1099Ks, under general FAQs.
Does the de minimis standard apply to payment card transactions?

No, the de minimis standard does not apply to payment card transactions; the de minimis standard applies only to the payment settled by third-party settlement organizations.

Also may not be required to put 1099K info on Schedules but I want clients to get use to bringing it in and if I have it I'll use the line. That's my personal decision.

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