Concerns over how best to report and reconcile items on the form 1099-K have plagued retailers and individuals alike since legislation was passed by Congress in 2008 requiring the issuance of forms 1099-K for third party merchant and credit card payment processing which meets certain criteria.
The tax code is so convoluted that many people struggle through the ins and outs on which form to report income, which schedules to deduct expenses or even which items of income are taxable and which expenses are deductible.