This year, businesses that process credit and debit card payments as well as other third-party network payments such as PayPal, Amazon.com and Google are required to report to merchants and to the IRS the gross amount of the transactions that were processed. This does not apply to small businesses with fewer than 200 transactions totaling less than $20,000.

The 1099K is one of the most contentious tax forms in recent memory. See what Outright has done to break it down for the tax-paying public.

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