IRS Form 1099-K will be available in 2011.  A draft copy of 1099-K can be downloaded here.

Many small businesses accept credit cards, debit cards, gift cards, Paypal or other similar electronic payments.  Starting in 2011, the gross amount of merchant card/third-party payments must be recorded on the new IRS form 1099-K.

The provision was enacted as part of the Housing Assistance Tax Act of 2008 and is designed to improve voluntary tax compliance by business taxpayers and help the IRS determine whether their tax returns are correct and complete.

The IRS welcomes comments on this new form.   Send an email at *taxforms@irs.gov and include the text "Draft 2011 Form 1099-K" in the subject line.  Please make sure there is an asterisk before the taxforms.

We greatly appreciate feedback on any of our software products.  We encourage you to send an e-mail to info@1099fire.com with any feedback or comments about any of our products or services.