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We are writing to let you know of some changes the IRS has made that may affect your account. The new regulations (per IRC Section 6050W) stipulate that we are now required to file Form 1099-K for many of our clients. If you are a U.S. based company that exceeds $20,000 in gross processing volume with more than 200 total transactions for any given tax year as of 2011, a 1099-K will be filed.
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The IRS is just making sure everyone pays every cent. Slaves until the day you die, then you have to pay a death tax.
The good news is, for any of you (in the USA) who don't make over $20,000 in any given tax year, don't have to worry about it.