IRS Form 1099 Reporting: Navigating Form 1099-K and Dealing with Cancellation of Debt

Form 1099-K joined the 1099 family in 2011 and has been the source of much confusion. At its simplest, Form 1099-K reports the amount of gross receipts a business received from debit or credit card transactions or from third-party payers such as PayPal. Unfortunately, the "what to do with the 1099-K" question is not so simple.

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