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HR 3221, Housing Assistance Tax Act of 2008

Section 3191 of this act adds Sec. 6050W to the code. This resulted in the creation of a new form, the 1099-K, for reporting of credit card and third-party processing payments. The 1099-K is to be filed by payment settlement entities (the credit card companies/third-party processers), for payees (card holders, etc.) with payments exceeding $20,000 per year and more than 200 transactions per year. The reporting requirement starts with 2011 payments. There are also new requirements for backup withholding.

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