Who must file Form 1099-K?
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According to the IRS, Payment Settlement Entities and Electronic Payment Facilitators must file Form 1099-K if they have processed any transaction of $600 or more during the last year. This form must be filed annually with the IRS and distributed to the recipient of the payment. 

Returns for calendar years prior to 2022:

• Exceeding $20,000 in total payments, AND
• Over 200 transactions

Returns for calendar years after 2022:

• Exceeding $600 in total payments for goods or services, AND
• Any number of transactions

Payment Settlement Entity (PSE) - Any bank or other organization with authority to complete the transaction made using the credit card. It also includes third-party settlement organizations.

Electronic Payment Facilitator - An entity that has been assigned by the PSE on a contract basis to facilitate these transactions. If any EPF makes a payment settlement transaction of $600 or more, they must file Form 1099 K and distribute a copy to the payee.