This situation has been discussed a lot this past couple of years as the fools in DC inacted the law and expects the poor IRS to deal with it somehow. Also discussed were the requirements for all the banks to report anyone with $600 or more in their accounts but the banking community shut that down hard for now but who knows what the future will bring.
https://www.irs.gov/forms-pubs/about-form-1099-k
https://www.irs.gov/payments/form-1099-k-frequently-asked-questions
https://www.irs.gov/payments/form-1099-k-frequently-asked-questions-reporting
