099-K Reporting Requirements for Payment Settlement Entities

This is from IRS web site.

Beginning in January, 2012, payment settlement entities (PSEs) are required by the Housing Assistance Tax Act of 2008 to report on Form 1099-K the following transactions:

• All payments made in settlement of payment card transactions (e.g., credit card);
• Payments in settlement of third party network transactions IF:
  -Gross payments to a participating payee exceed $20,000; AND
  -There are more than 200 transactions with the participating payee.