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IRS introduces form 1099 K from 2012 onwards. Form 1099 K is used to report Payment Card and Third Party Network Transactions.The form is required for reporting payment transactions.
Payment transaction is when a payment card (credit card) is used to make a payment or any
settlement through a third party payment network such as e-bay, pay pal and etc.
Thus, people who have a pay pal account, credit card account or any such similar
account will receive 1099 K at the end of the year.