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1099k from PayPal and Third Party Network Transactions
Has anyone received a 1099k from PayPal or from a company that processes your credit card transactions? The new IRS guidelines state that people/business that accept credit card payments or payments via PayPal will receive a 1099k and income from those transactions will be reported to the IRS. This is for people with at least $20,000 in receipts and 200 transactions.
I am just curious because I own a business and I received several 1099k's and I m wondering if anyone who sells a lot of Lego received these as well.