Get Answers Support Tax Filings & Payments 1099 Form 1099-K Who must file Form 1099-K? Last modified 3/29/2023 5:10:15 AM EST According to the IRS, Payment Settlement Entities (PSEs) and Electronic Payment Facilitators (EPFs) must file Form 1099-K if the taxpayers recorded more than $5,000 in business transactions for the tax year 2024. This form must be filed annually with the IRS and distributed to the recipient of the payment. Payment Settlement Entity (PSE): Any bank or other organization with authority to complete transactions made using a credit card. This also includes third-party settlement organizations. Electronic Payment Facilitator (EPF): An entity that the PSE has assigned on a contract basis to facilitate these transactions. If any EPF makes a payment settlement transaction of $5,000 or more, they must file Form 1099-K and distribute a copy to the payee. Was this helpful? Yes No Related Questions What is Form 1099-K? What is a Payment Settlement Entity with respect to Form 1099-K? Who is referred to as Electronic Payment Facilitator in Form 1099-K? Who is a payee in Form 1099-K? Go to Home Page Need more help? Get in touch with our dedicated support team Contact Us (704) 684-4751 support@taxbandits.com Sign Up for a FREE TaxBandits Account! The Smart CPA Choice Register Now Already have an account? Sign in